Notes

Bernhard Burgener - Innovation management: The importance
To stay relevant, companies today must encourage innovation by fostering innovation leadership

Bernhard Burgener (a veteran businessman) believes that innovation is crucial for success in business. To stay relevant for the long run He believes in ingenuity in management to meet market needs.

Read on to learn how to improve innovation management in your company.

What exactly does innovation management mean?
The term "innovation management" is often the subject of discussion. Innovation management is a term that implies that it is not manageable.

Some, however believe in the importance of creating systems that will generate more creativity. Like you would expect, the reality isn't quite as straightforward as that.

Let's take a moment to consider what the term means. Merriam-Webster defines Innovation as "introducing something novel." https://www.abcmoney.co.uk/2022/08/16/bernhard-burgener-shares-his-thoughts-on-entrepreneurial-leadership/ It's distinct from simply inventing something.

Innovation management is the practice of managing the entire process required to "introduce new ideas."

As the definition suggests, there are many kinds of innovation. This is the reason for many disagreements about innovation.

It is normal to refer to the term "genuine" when it is referring to a specific type of innovation. However, even then, they are limited to their knowledge and organization's point of view.

The four main pillars in innovation management, as per Bernhard Burgener
Bernhard Burgener discovered the simplest way of understanding the topic from his years of experience. This is by breaking the topic into smaller parts and discussing each aspect in its own way.

Bernhard Burgener stated that this is the main pillar you should be focusing on.

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

Innovations require teams and individuals to to collaborate, however the competency component focuses mainly on the people. This is primarily about the capabilities of employees in the company knowledge, insight and practical capabilities.

The manager of the company has a valid need to be an Entrepreneur .

The model also includes information capital, tacit , and financial capital. All of these could be essential to invent.

Structure
Structures are able to maximise the capabilities. Capabilities permit the use of structures. This refers to the organization's organizational structure and processes.

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

Without the right communication channels, decision-making process, and the right infrastructure to allow for the implementation of ideas, only a few will be successful. Bernhard Burgener Tools like innovation management software have the potential to make a significant impact.

Culture
The culture of an organization can help it increase the capabilities of employees when the structures allow the organization to utilize these capabilities effectively.

A culture that is open to innovation makes it much easier for the organization to recruit and retain the right people.

A culture that is supportive of innovation promotes good behaviour and discourages bad ones. The company's culture directly affects its innovativeness. Bernhard Burgener The effects of this can swiftly build up. These are the characteristics of an creative culture.

Accentuates the importance of always improving.
You will be admired because of your speed, knowledge and experimentation.
Accept failure as a part of the creative process
This allows you to have enough autonomy, responsibility, and the leadership is focused more on culture and vision than a chained-of-command approach.
Strategy
Simply said, strategy is an organization's plan for achieving long-term success.

It is important to realize that strategy requires you to make decisions between a variety of options in order to maximize your odds of success. This decision should not be taken as a separate thing from execution.

Strategy and innovation Both are interconnected subjects. However, in essence innovation is only one of the ways to meet your goals in strategic planning.

Bernhard Burgener describes the various kinds of innovation that require different management styles.
Open Innovation
It is based on the belief that knowledgeable and creative individuals outside the organization can help in achieving the strategic objectives. Bernhard Burgener They are also capable of sharing intellectual properties, which helps various parties in different ways.

The more data gathered is more reliable the decision. The funnel of innovation open at right lets anyone be a part of the process of development. You can also have more ideas.

Bernhard Burgener Incremental Innovation
Incremental innovation is a series of minor improvements or upgrades to a company's existing products or services, processes or processes.

The incremental innovation process focuses on increasing the efficiency of the product as well as productivity and differentiation.

Incremental innovation is typically utilized to increase or sustain the market position of a product. It is now a typical tactic in consumer technology, since companies are constantly striving to improve personal devices that have user-friendly features on a regular basis.

Sustaining Innovation
It occurs when a company develops more effective products with greater profits to its top customers. In general, sustained innovation is a strategy companies already successful in their industries use.

Profit is what drives the development of new products. When it is possible to create better products for its best clients, businesses is able to increase its profit margins.

Disruptive Innovation
This type of innovation occurs the case when a business with limited resources competes with an incumbent firm and moves upmarket. It is possible to classify disruptive innovation into 2 types.

Low-end disruption This is disruptive activity occurring at the lowest end of an existing market that uses a low-cost model.
New market disruption: A company can provide a niche that is not well-served in a market and create a new market.
Both types are disruptive and can force incumbents to go downmarket instead of fighting the new competitor.

Bernhard Burgener identifies the key issues in managing innovation.
Poor infrastructure
Without the infrastructure, resources and procedures needed to make an impact, it will prove difficult for people to accomplish so. Google's initiative to invest 20% in innovation is easy to mention.

Even in the event that the policy was implemented in your workplace, it's likely to be less effective. Your employees might not have access to the same tools, infrastructure and knowledge that Google employees do.

The manager has to ensure that their team has the resources and capabilities they require to be successful.

Culture lacks a growth mindset
It's crucial to be a positive and growing mindset for your business. Growth mindsets are based on the notion that your persona isn't fixed , and can be modified.

The same is true of the culture of an organization. A culture that promotes expansion is an essential ingredient for innovation in an company.

No vision or clear focus
Inventing something that doesn't exist is often the source of significant innovations, and the same holds applicable to organizations.

An inspirational vision is more likely to attract people who will put in the effort to develop innovative technology. If you've got a strong vision for your company however, you need to communicate effectively and in a way that is acceptable.

Bernhard Burgener would have it as follows: Keep the dream alive and keep innovating!
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