Notes

Bernhard Burgener discusses the importance of the management of innovation
To be relevant long-term, companies must promote innovation by fostering innovation governance.

According to Bernhard Burgener, a experienced entrepreneur and businessman, innovation really is the only way to succeed in the business world. To remain relevant over the long term, innovative management is essential in order to meet the demands of the market.

Read on and see how you can implement an innovation strategy within your company in a better way.

What is Innovation management?
There is a lot of debate surrounding the term "innovation management. The very definitions of innovation suggest that they cannot be controlled.

Some However, they are staunch believer in the importance of developing processes and systems which allow more innovation. It's not as simple as you might think.

Let's examine what innovation is. Merriam-Webster defines innovation "innovating something completely new." However, this is not the same as simply creating a new product.

"Innovation Management" is the process of organizing all the actions needed to "introduce an innovative product."

As the definition states, there are many kinds of innovation. This is the reason for numerous disagreements over innovation.

Bernhard Burgener The term "generic" is typically used to describe only a few innovative ideas. However, this is strictly from their point of view and experience.

The four main pillars of innovation management, as per Bernhard Burgener
Bernhard Burgener, a professional in the field of innovation management, has discovered the easiest method to understand the topic through his experience. This involves breaking it into smaller parts and then analyzing each one each one by itself.

Here is the primary principal pillar Bernhard Burgener said you should focus on:

Competency
Competency refers specifically to an organization's ability and ability to innovate.

Innovations are based on the capabilities of both groups and individuals and groups, however the competence aspect is primarily based on individuals. It's all about the capabilities, knowledge, and practical skills of employees within the organisation.

The manager of the company has a legitimate need to become an entrepreneur .

The model also incorporates information capital, tacit and financial capital. These are all necessary to bring about innovation.

Structure
Structures facilitate the efficient utilization of capabilities. Bernhard Burgener Likewise, capabilities enable the utilization of structures. This refers to the structure of an organization and processes, as well as the infrastructure and the organizational structure.

Exemplary structures can serve as an effective force multiplier, allowing the company to function and innovate better.

Without the proper process of communication, decision making and the infrastructure for implementation and processes, very few ideas can succeed. Here tools like innovation management software have the potential to make a huge impact.

Bernhard Burgener Culture
Culture allows an organization to develop capabilities that are that are related to people, if the structures are in place to allow an organization to effectively use its capabilities.

It is easier for organizations to attract and retain the best employees in a workplace which encourages the development of new ideas.

A culture that is supportive of innovation promotes good behaviour and discourages bad ones. Because the effects of it can be accumulating quickly, an organization's culture can influence its ability to innovate. In general they are the traits of an innovative culture:

Accentuates the importance of always making improvements.
It is crucial to be quick, to learn quickly, and perform some experimentation.
Accept failure as part of creative development
It allows employees to have enough autonomy and accountability and is guided by vision and culture instead of a chain-based approach.
Strategy
Strategy, as it is often described is a company's strategy to ensure long-term success.

But, it's important to be aware that strategy is a combination of making choices and implementing the decisions.

Strategy and innovation are closely related topics. Innovation is just one of the ways to reach your strategic goals.

Bernhard Burgener states that there are many types and types of innovation.
Open Innovation
This is founded on the notion that creative and knowledgeable individuals from outside the organization could help in achieving strategic goals. They can also be a part of sharing intellectual properties, which helps diverse parties in various ways.

The more knowledge you gather the more informed the decision will be. In the open innovation funnel on right, the process of development isn't restricted to the employees within the company that facilitates it. The amount of ideas are significantly higher.

https://www.marketscreener.com/business-leaders/Bernhard-Burgener-05JNHL-E/biography/ Incremental Innovation
Incremental Innovation is a series or minor changes to existing products or processes.

The incremental innovation process is focused on improving the product's efficiency as well as productivity and differentiation.

Incremental innovation is usually used as a way to increase or sustain a product’s market place. It is now a typical strategy in technology for consumers, as companies strive to improve personal devices that have user-friendly features frequently.

Sustaining Innovation
This is when a company develops products that perform better and are sold for higher profits to their best customers. Usually, it is a an approach that successful companies in their industries use.

Profit is the motivating factor to invent. Profit margins could be improved by providing better products to clients.

Disruptive Innovation
This type of innovation occurs when a company with fewer resources is able to move upmarket and challenge an established company. There are two kinds of disruptive innovations:

Low-end disruption It's a disruption that happens in the lowest point of an existing market by using a low cost business model.
New market disruption A company who caters to an unserved segment of the market could create and claim a new market.
Bernhard Burgener Instead of battling the newcomer, both types of disruptive innovation cause incumbents to move downmarket.

What are the most pressing issues Bernhard Burgener sees when it comes to innovation management?
Bernhard Burgener Poor infrastructure
Without infrastructure, processes, and resources, it'll be difficult for individuals to be successful. Google's 20 percent time is the perfect illustration of how to facilitate innovation.

Even in the event that the policy was implemented in your workplace, it will be less efficient. Most likely, your employees don't have same access to Google's infrastructure, tools and raw data as Google employees.

The manager must give their team with the abilities and resources that they need to achieve success.

Culture lacks a growth mindset
It's important to follow the steps to create an optimistic mindset for your business. The growth mindset is based on the idea that your personality isn't permanent or cannot be altered.

This is also true for organizational culture. Companies that do not have an environment that encourages growth are less likely to be innovative.

There is no clear vision or focus.
It is not uncommon to design something that does not exist yet, which is often the basis for big innovations.

If you've got an inspiring vision, it is more likely that employees are motivated to push harder for innovative ideas. Although you may have a clear and concise vision for the company but communicating it effectively and embracing it is crucial.

Bernhard Burgener would agree that it is important to keep the vision fresh and to continue to invent!
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