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Bernhard Burgener discusses the importance of the management of innovation
To be relevant long-term to be relevant, businesses must encourage innovation through innovation governance.

Bernhard Burgener (a veteran businessman) believes that innovation is essential to winning in business. He believes that sustaining relevance, in the long-term requires an innovative approach to management to keep up with the needs of the market.

Find out how you can apply the management of innovation within your company in a more effective way.

What specifically does the term "innovation management" mean?
Innovation management, as a term, is a source of much discussion. The definitions of innovation themselves suggest that they cannot be managed.

However, there are others who have a firm belief in creating systems and processes to create more innovation. It's not always as simple as it seems.

Let's take another look at innovation and what it means. Merriam-Webster defines innovation to be "inventing something completely new." But it's not the same thing as inventing a new product.

"Innovation Management" is the process of coordination for all the tasks needed to "introduce a new product."

According to the definition, there are many kinds of innovation. https://audius.co/bernhardburgener This is the root of numerous disagreements about innovation.

Bernhard Burgener A lot of people use the term "generic" to describe a subset innovation. However, even then, it is only in the context of their company or personal experiences.

The four pillars that Bernhard Burgener has identified as the most important of innovation management
Through experience, Bernhard Burgener has found the easiest way to grasp the topic. It is by breaking it down and discussing each element of innovation management separately.

Bernhard Burgener suggested that you must pay attention to this pillar's main point:

Competency
Competency is the company's ability to create and manage innovation.

Innovations require teams and individuals to be able to collaborate, however the competency component is focused primarily on people. This is the ability of insight, understanding, and abilities that employees have.

Bernhard Burgener As the manager of the business, there is a valid need for entrepreneurial leadership.

The model also considers the company's knowledge, tacit, and financial capital. These are all necessary to bring about innovation.

Structure
Structures facilitate the efficient use of capabilities, whereas capabilities allow the utilization of structures. The structure of the company is, processes, infrastructure, and the structure of the organization.

Structures that are exemplified can be an effective force multiplier, allowing organizations to develop new ideas and perform more effectively.

Without the proper process of communication, decision making and infrastructure for implementation the chances are that few ideas will be successful. This is where tools such innovations management software could make a difference.

Culture
A company's culture can aid in gaining the capabilities of its employees if the structures allow it to use these abilities effectively.

Organizations that embrace the culture of innovation can make it easier to keep and attract the best people.

An ideal pro-innovation culture encourages good behavior and discourages those who do not. The company's culture can have a significant impact on its innovation potential because its consequences rapidly accumulate. These are the traits of an innovation culture.

This underscores the importance of constantly improve.
The most valued aspects are speed, learning and experimentation, as well as flexibility.
Accept failure as part of your creative development
This provides you with enough freedom, responsibility, and the leadership is focused more on the vision and culture instead of a chained-ofcommand system.
Strategy
Strategy is the basic plan of an organization in order to attain long-term success.

It is important to comprehend, however, that strategy ultimately requires making deliberate choices . These decisions should be among many options to increase your chances of "winning". This choice must be considered in conjunction with the implementation.

Innovation and strategy are both closely connected issues. However, innovation can only be one method of achieving your strategic objectives.

Bernhard Burgener states that there are many kinds and types of innovation.
Open Innovation
It's based upon the notion that talented and creative individuals from outside the company can be able to contribute to the strategic goals. They also have the capability of sharing intellectual properties, which helps various parties in different ways.

The more data you can gather, the better the final decision. The open innovation funnel to right lets anyone be a part of the process of development. In addition, the number of ideas also increases.

Incremental Innovation
Incremental innovation is the process of minor upgrades or enhancements to a company's existing products, services, processes, or techniques.

Intense innovation is a method of making changes to existing products that increase the efficiency of development, efficiency or competitive differentiation.

Incremental innovation often helps to increase or maintain a product's position in the market. This is a widely-used strategy in consumer technology. Companies are constantly striving to make their devices more user-friendly.

Sustaining Innovation
It happens when a company creates products that perform better and sells them at higher profit. In general, companies who are successful in their respective industries use continuous innovation.

Bernhard Burgener Profit is the main driver of innovation. Profit margins could be increased by providing better products to consumers.

Disruptive Innovation
The innovation happens when a business with less resources expands its market and takes on an incumbent business. It is possible for disruptive innovations to be divided into two distinct types.

Low-end disruption This is disruptive activity at the bottom of a market that employs a low-cost approach.
New-market disruption A company could cater to an underserved niche in a market , and then create a new segment.
Instead of fighting the newcomers, both kinds of disruptive innovation forces incumbents to retreat.

What are the most pressing issues Bernhard Burgener sees for innovation management?
Poor infrastructure
People can't achieve success without infrastructure, resources and processes. Google's 20% Time initiative is an example of an outstanding initiative to encourage innovation.

Even so, it's unlikely your policy will have the same effect if it were used in your workplace. Your employees won't have the access to the knowledge of the infrastructure, the raw data that Google employees have.

Managers must ensure that they have the appropriate resources and capabilities to their teams for them to be successful.

Culture lacks a growth mindset
It is vital to create a growth mindset to your business. A mindset of growth is one that recognizes that you're not fixed and are able to change.

It is the same for organizational culture. A culture that encourages the growth of an organization is essential to fostering innovation within an company.

There is no crystal clear view.
The process of innovating on something that isn't yet out there can lead to important innovations. Bernhard Burgener This is applicable to organizations.

People who are passionate about the vision will be more likely to spend their time creating new ideas. Even if you have an impressive idea for your company but it's still essential to convey your message clearly and efficiently.

Bernhard Burgener would agree that it is vital to keep the vision alive and to innovate!
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