Write an essay of 1200 words in APA reference style on the following topic:
In order to win over their competitors, organizations require increasing innovation management competence at the level of entire organization and the employees across the cadres. “The stronger the innovation capability possessed by an organization, the more effective will be their innovation performance” (Jain, 2016 p203).
Critically discuss innovation management.
1. Define innovation, and innovation management.
2. Why is innovation management so important?
3. What are the external contingencies driving innovation management?
4. What are the internal contingencies driving innovation management?
5. How can organisations measure the results of innovation management?
6. What are the challenges facing organisations in managing innovation, and how can organisations best address these challenges?
Innovation is the buzz word right now which has driven many a change in the way we perceived things currently. If we see this in the business environment settings we will find that it has now become one of the vital aspects in the business processes that drives and ensures success, however, many business organizations failed to understand the underlying importance of innovation in business settings. The main reason behind the failure to understand the importance of innovation is the confusion between innovations and ideas. In this study report we will try to understand what exactly innovation management is and how it impacts the success of a business organization (Hasu et al.,2011). We will also highlight the different contingencies in terms of the innovation management and how they drive it. There are external contingencies like technology, income, government and customer preference that drives the innovation management processes within an organization. Technology is ever changing and thus drives continuous change in the business processes as well as operations. Organizations keep looking for new and innovative ideas to stay ahead of their competitors and for that matter they tactfully carry out their innovation management programmes. Customer preference is changing with new products on offering and thus innovation management allows an organization to keep a check on their business operations and product development contingencies to keep developing new products as per the needs of the customers and as per their preferences (Faunce,2016).
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