Notes

Bernhard Burgener talks about the significance and benefits of innovation management
Today, businesses must promote the process of innovation through innovation management in order to stay relevant over the long term.

Bernhard Burgener who is an experienced entrepreneur and a businessman believes that innovation is the only method to succeed in the business world. To stay relevant in the long-term Innovation is the key in keeping up with the demands of the market.

Learn more about how you can apply an innovation strategy within your company more effectively.

What does innovation management really mean?
It's the subject of much debate that innovation management is a word. The very definition of innovation suggests that it can't be managed.

Others However, they are staunch believer in the importance of creating systems and processes which allow more innovation. It's not as simple as you imagine.

We must first try to comprehend what it means to be innovative. Merriam-Webster define "innovation" as "introducing something different." It's not the same thing as simply creating new products.

"Innovation management" is the term used to describe managing the entire process required to "introduce something new."

The definition of innovation states that there are many kinds of innovation. This is the main reason for many disagreements regarding innovation.

A lot of people use the term "generic" to describe a subset innovation. However, even then, they are limited to their experience and the organization's perspective.

The four pillars of innovative management that Bernhard Burgener has identified
Bernhard Burgener, a professional in the field of innovation management has found the most effective way to grasp the subject through his experience. It is by breaking it down and discussing every aspect of innovation management separately.

Bernhard Burgener stated that this is the most important pillar that you must be focusing on.

Competency
Competency is the ability of an organization to create and manage new concepts.

Innovations require the ability of both teams and individuals and the component of competence focuses on people. This is primarily the capability to know, the knowledge and the practical skills of the employees.

Bernhard Burgener Organizational managers are in a position to benefit from the management of their business in an entrepreneurial manner.

The model also incorporates information capital, tacit and financial capital. All of these could be required to generate innovation.

Structure
Although capabilities can be utilized to build structures, structures allow them to make efficient use of their capabilities. In practice, this refers to the organization's structure.

Exemplary structures can act as an effective force multiplier, allowing the company to function and improve its innovation.

Bernhard Burgener Without proper communication channels and decision-making processes, only a few ideas will succeed. Tools like innovation management software could help make a huge difference.

Culture
If the structures can effectively utilize capabilities, culture can help an organization gain the skills that employees require.

An organization with a pro-innovation culture will be able to attract and retain the best people more quickly.

A culture that promotes innovation and discourages inequal behavior is a good thing. The company's culture can have a significant impact on its innovation potential and its results quickly accumulate. These are the characteristics of an creative culture.

Stresses the importance of constantly making improvements.
You are highly valued for your speed, your learning and the ability to experiment.
Failure is a an essential part of creativity
Gives employees enough autonomy and responsibility. Instead of using a chain-of command approach, focuses on the vision and culture.
Strategy
In simple terms, strategy is a company's strategy for long-term success.

It is crucial to realize, however, that strategy requires deliberate decisions . These decisions should be taken from a variety of options to increase your chances of "winning". This decision must be considered in conjunction with the implementation.

Innovation and strategy are both closely linked issues. https://sparebusiness.com/how-to-think-like-an-entrepreneur-according-to-bernhard-burgener/ But, innovation is only able to be one way of achieving your strategic goals.

The various types of innovation, which require different management styles as per Bernhard Burgener
Open Innovation
It is based on the notion that talented and innovative individuals outside the organization can assist in the achievement of strategic goals. They also have the capability of sharing intellectual property, which can benefit diverse parties in various ways.

The more data you have more information you have, the better your final decision. In the open innovation funnel on the right, the process of development isn't restricted to the individuals within the facilitating company. There are many other ideas.

Incremental Innovation
Incremental innovations are a series minor improvements or updates to existing products, services or processes.

Intense innovation focuses on making existing products more efficient, productive, and differentiateable.

A product's market position is usually maintained or improved through incremental innovation. This is a standard tactic in consumer technology, as companies try to enhance personal devices that have user-friendly features regularly.

Sustaining Innovation
This is when a company produces better-performing products that can be sold at higher prices to their top customers. Most often, it is strategy companies that have been successful in their field who employ sustainable technological innovations.

Profit is the primary factor in the process of innovation. Businesses can earn ever-growing profits by creating superior products for the most loyal customers.

Bernhard Burgener Disruptive Innovation
This innovation happens when a business with less assets moves upmarket and challenges an established business. It is possible for disruptive innovation to be divided into two kinds.

Low-End Disruption- This disruption can occur in a market with a low-cost business plan.
The new-market disruption is when a firm serves an underserved segment of a market.
Both kinds of disruptive innovation are not intended to be defeated by the new entrant. They force incumbents to retreat upmarket.

Bernhard Burgener What are the biggest challenges Bernhard Burgener sees in innovation management?
Poor infrastructure
It will be difficult for individuals to have impact without processes, resources, or infrastructure. Google's time of 20 percent is an the perfect example of how to encourage innovation.

However, if you were to apply the same guidelines to your organization, it would likely be much less efficient. Your employees may not have the resources, infrastructure, or the raw data that Google employees do.

The manager should provide their team the resources and capabilities that they need to be successful.

Culture lacks a growth mindset
It is crucial to cultivate the mindset of growth within your company. Growth mindsets believe that you're not fixed and you can't change your self.

This is also true for the organizational culture. A culture that fosters growth is a key ingredient for the development of an organization.

No vision or clear focus
The creation of something that doesn't exist is usually the basis of major innovations, and this is also true for organizations.

If you have an inspiring vision, it is more likely that people will be inspired to work harder to create innovative ideas. While you may have a clear and concise vision for the company communicating it clearly and with confidence is vital.

Bernhard Burgener would advise that you keep your ideas alive and continue to invent!
Website: https://www.transfermarkt.de/bernhard-burgener/profil/trainer/53291