Importance of Innovation Management for your company

Innovation is no longer a buzzword. It is a necessity for any company, from MEI to multinational managers. If talking about innovation is no longer new, we need to align concepts to advance in what is different: innovation management.  

Innovating is for all sizes of companies. However, one thing is essential: focus and planning from the beginning. An innovation can even change the entire story of your life or your company, whether small or large.in. Companies like Apple, Nike, Netflix. Amazon It is Spotify did not arise by chance. 

Innovation can be defined as any new idea applied to processes and products that are developed and generate economic results for those involved. This makes it clear that innovation is not an invention, which is also an idea, but without financial return.  

An innovation is not just a product, it can also be the development of new processes, new methods, new forms of work organization, the opening of new markets and the creation of new sources of income and profit generation. 

In short for you: innovation is when your idea meets the needs and expectations of the market or customer and needs to be economically viable, guaranteeing a sustainable financial return. Innovation is the drive that keeps capitalism and the market moving.  

For us, innovation is being able to transform an idea into profit. And that is already a big challenge. 

Innovation in companies is the mechanism that generates differentiation in the market. For your company to achieve more competitiveness, it requires recreating processes and adjusting services and products daily. Innovating does not happen overnight and your company will need method and training. Okay, we know this isn't necessarily new. But how to go beyond this speech?  

Many managers say they understand what innovation is, but the company's internal management is poor and does not allow for internal progress. For innovation to result in success, it is necessary to invest in the management of this process. But what is it?  

The process of innovating depends on people, strategies, processes and resources. These aligned items allow you to unlock your innovation potential and put projects on the agenda and guarantee a real and profitable scenario. It is essential for your company to use methods, processes and tools to support innovation. Without this, it's like traveling along unknown paths without mastering the chosen vehicle or knowing the route.  

With some of our innovation management tips, some processes such as identifying internal opportunities and external markets, as well as financial processes and suggestions will become clearer for your organization to generate new projects. Innovation management allows the company to improve its processes based on innovative ideas and deliver products/services in an optimized way, without the need for rework.  

Developing an organizational innovation model is essential to achieve greater competitiveness in the market and generate competitive advantage. However, it is worth highlighting that the innovation process is diffuse, full of doubts and opportunities. It requires disciplined and periodic work to generate the expected results.  

We will divide the process into four management blocks that should be the basis of your process:  

1. Have a management model 

You will need methods, processes, models and tools that support your innovation project. The management model covers the idea, planning, project management, marketing and commercial plan, in addition to the initial launch and the entire path from your dream to items involving financial fundraising. 4C works with different models and participates from the project conception, for example.  

By having an innovation tool, you and your company will be able to identify internal and external opportunities for innovation, as well as monitor the most appropriate technologies, creative flows and, of course, better understand the market. Management is not bureaucracy for innovation, but the main way to get things right and evolve without so much “pain”. Through it, internal processes are improved and the environment for innovation is created, creating an efficient flow of creativity. 

A good example is the giant Amazon. With more than 1.5 billion items available for sale in its almost worldwide catalogue, the company continues to offer competitive prices and an exclusive logistics operation. The company only achieves these differences because its management is an example of persistence and uses innovation daily, mainly in the collection and processing of all information collected on its multiple channels such as the website, social networks and stores.  

At Amazon, data capture is converted into a strategy that seeks to predict what and when to offer new products or services to its consumers, as in the current so-called Growth Hacking. 

2. Creativity with productivity 

Having creativity does not mean being productive. And, much less, be innovative. But innovating and creating go together. Therefore, your innovation management flow must predict and create insights, new designs and projects. Daring, undertaking, making mistakes and starting from scratch again must be items essential in your daily life. The innovation management process must consider this fluidity between having the idea, creating and innovating.  

3. People and productivity 

By having management aligned with the project, professionals will, in an organized manner, increase productivity. It will certainly not be automatic, but better optimization of activities and strategic alignment of demands and guidelines will help. Discipline and work that follows formal ceremonies, even though it may not seem innovative, will be a differentiator.  

When teams understand and know their culture and values, strengths and weaknesses, threats and opportunities, they will be able to execute their innovation strategy with even more dedication.  

4. Competitiveness and profitability  

Being competitive is the premise of any company, from local to multinational groups. And, the difference is innovation. By having a defined innovation management flow, your startup, micro, medium or large companies can research the market systematically, identify the needs and desires of customers, in addition to effectively meeting and listening to the unspoken desires of these same users, surpassing and surprising the market.  

The life cycle of a product is shorter and, as a result, the investment in time and research needs to be converted into even more profitable items. Following this logic, by increasing the team's work performance and creating innovative products and services, without a doubt, by adjusting your sales team to new sales, more profit and success will be on the rise or closer. Managing innovation brings your company closer to commercial success and positive financial returns. 

Innovation management. But how to put it into everyday life? 

As we have seen, the flow of the innovation process is constant and agile. Speaking of agile, management Agile is the reference of Spotify. A unique process that involves a lot of communication, integration and constant evolution. The company today has the headquarters in London, and there are product development groups in Stockholm, New York and San Francisco, spread across more than 30 teams. In other words, innovation does not depend on the physical structure, but on management.  

An activity tip that promotes innovation in the company occurs us "hack days”, when employees present studies carried out in 10% of free time that the company allows to be used in individual research and development. Therefore, professionals must develop and share new ideas with friends and colleagues.  

To achieve success in this management process, try to invest in monitoring, updating and route adjustments whenever you can. Monitor each step of your evolution with structured data collection, learning from mistakes and successes. 

Promote the adequacy of teams if necessary (people), reinforce the focus of your innovation project with communication, increase its effectiveness and correctly promote resources and availability of money and time so that innovation is systematized and progresses not as an adventure businessman because his idea sounded good.  

Therefore, to finally define innovation management, it is essential to be clear that it is the basis for change in today's corporate world and will guarantee the differentiation of your business, new markets, as well as increased productivity and reduced costs. Innovation management must contribute to leveraging the results and growth of an organization by generating value internally and externally. 

We at 4C Innovation, we are a company focused on implementing the innovation process, project execution and support in the search for funding resources. Do you want to know more about the product development method? Check out our model that takes entrepreneurs on this journey of innovation, guiding them through important issues such as the market, technology and the finances of their project. 

With this, the product project begins with fundamental information for the 

Success, making your dream come true! 

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