Notes

Bernhard Burgener on innovation management's importance
To stay competitive in the long term, companies need to foster creativity through management of innovation.

According to Bernhard Burgener, a seasoned entrepreneur, and businessman innovation is the only way to win in the business world. He believes that innovation is the only way to stay relevant over time.

Continue reading to discover how the management of innovation can be improved within your company.

What exactly does innovation management mean?
There is much debate about the management of innovation. Innovation management implies it cannot be managed.

Contrary to that, some are stout believers in building processes and systems to generate more innovative processes. However, the reality isn't always as simple as it may appear.

Let's look at what innovation refers to. Merriam-Webster defines innovation "innovating something entirely new." This is different from simply creating a new product.

"Innovation management" means managing all tasks that are required to "introduce any new thing."

There are different types of innovation as the definition suggests. This is the main reason of many disputes in the field of innovation.

The term "generic" is usually employed to refer to a small number of innovation. But even then, only from the point-of-view of their business and their experience.

Four pillars of Bernhard Burgener's innovation management of innovation management
Bernhard Burgener discovered the simplest method of understanding the subject from his years of experience. This is achieved by breaking down the topic and discussing each aspect of innovation managing separately.

Here is the primary principle Bernhard Burgener said you should concentrate on:

Competency
Competency is a company's capacity to come up with and manage new ideas.

Innovations require individuals and teams to to work together, but the competency component is focused primarily on people. This refers mainly the ability, knowledge and practical skills of employees.

The leader of an company is entitled to a need for entrepreneurial leadership.

The model also considers the organization's information capital as well as tacit knowledge and other financial capital and resources. All of these might be needed to bring about innovation.

Bernhard Burgener Structure
While capabilities can be utilized to construct structures, they also allow them to make efficient use of their abilities. This implies that the organizational structure, processes and the infrastructure of an organization are essential.

Exemplifying structures can act as an increaser of force, which allows organizations to develop new ideas and perform more effectively.

If communication channels aren't in place and there aren't process of decision-making, very only a few ideas will achieve success. Innovation management software can help you get the job accomplished.

Culture
A company's culture can allow it to gain the abilities of its employees when it has the appropriate structures to do so.

A company that has a positive innovation philosophy will be able to attract and retain the best individuals much more quickly.

A culture that promotes innovation and discourages discrimination is a positive thing. The culture of a company is directly influenced by its ability to innovate. The effects of this can swiftly accumulate. These are the characteristics that make up an innovative culture.

Accentuates the importance of always striving to improve.
It is important to be fast, learn quickly, and conduct some testing.
Bernhard Burgener Failure is a part of the process of creative development
It allows for the freedom and responsibility. Leaders are guided by their vision and culture rather than a chain of command approach.
Strategy
In simple terms, strategy is a company's strategy for long-term success.

It is important to understand that strategy ultimately involves taking deliberate choices. Those decisions are between many options that maximize the chances of "winning," This choice should not be viewed as a separate thing from execution.

Innovation and strategy are closely linked subjects. However, innovation will only be one method of achieving your strategic objectives.

Bernhard Burgener explains the different kinds of innovation that require different management styles
Open Innovation
It is based on the conviction of creative, knowledgeable individuals who are able to contribute to the organization's strategic goals. They may also be able to collaborate on intellectual property that could be beneficial to different parties.

Bernhard Burgener The more information you gather more information, the better the final decision. The process of developing ideas within the open innovation funnel is not only restricted to those in the facilitating company. The variety of ideas available is significantly higher.

Incremental Innovation
Incremental innovation refers to minor improvements or enhancements made to existing products, processes, and methods.

Incremental innovation can improve the efficiency and effectiveness of development of existing products and also their competitive differentiation.

A product's market position is often maintained or enhanced by incremental improvement. It has become a common method in the field of consumer technology in the process of helping companies improve personal devices and offer customers more appealing features.

Sustaining Innovation
It happens when a business develops more effective products for higher profits to its best customers. It is usually a strategy one that has proven successful using its field to maintain innovation.

Profit is the primary driver that drives innovation. Bernhard Burgener Companies can develop more efficient products for its top clients to improve the profit margins.

Disruptive Innovation
This innovation is an instance of a company with limited resources competes with an incumbent company and moves upmarket. It's possible for disruptive innovations to be divided into two types.

Low-end disruption This is disruptive activity occurring at the lowest end of an existing market which utilizes a low-cost model.
New market disruption A company could serve an untapped niche in a market , and then create a new niche.
Rather than fighting the newcomer and stifle the new entrant, both kinds of disruptive innovation cause incumbents to move downmarket.

Bernhard Burgener identifies the key challenges in innovation management.
Poor infrastructure
Without the resources, infrastructure and methods needed to achieve impact, it will prove difficult for individuals to do this. Google's initiative to invest 20% in innovation is a good example.

It's still unlikely that your policy could be as effective if it were used in your workplace. Your employees might not have access to the same tools, infrastructure or knowledge as Google employees do.

The manager has to ensure that his team has everything they need.

Culture lacks a growth mindset
It is crucial to establish a growth mindset for your company. A growth mindset is one that recognizes that you're not fixed and can change.

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

Lack of vision or clear focus
The creation of something that doesn't exist is often the cause of significant innovations, and this is also true for organizations.

An inspiring vision is more likely to attract those who are willing to put in the effort to develop innovative technologies. https://maison-monde.com/vision-bernhard-burgener-leadership-entrepreneurial/ Although you may have a clear idea of what you want to achieve for the company but communicating it effectively and embracing it is crucial.

Bernhard Burgener would have it this way Keep the vision alive , and continue creating!
My Website: https://london-post.co.uk/bernhard-burgener-shares-his-views-on-business-forecasting/