Innovation Management Process for Development. A systematic approach for generating, prioritizing, evaluating and validating new ideas, as well as putting them into practice. Read on to know the process and how each of the processes works.
What is Innovation Management Process?
Innovation Management Process is a systematic approach for generating, prioritizing, evaluating and validating new ideas, as well as putting them into practice.
The first step in the innovation management process is generating ideas. There could be many ways to generate ideas. Some of the ways are
brainstorming, brainwriting, reference to experts, etc. But one important thing is to generate ideas from everyone within the organization. It should not be left only to some selected people. Why is it so? It is because you are bound to miss out on some good ideas if you try to complete this process without involving people from different levels in the organization.
2nd step in the innovation management process is prioritizing ideas. Here you need to put each idea up against certain criteria and then decide what is the most important thing to do next with each of these ideas. Some of the criteria that could be used are- How many people will benefit from this idea? How much money can be saved if this idea is implemented? Also, How much revenue can be generated if this idea is implemented? How much time will it take if we implement this idea? What other things will depend on this idea? And, What else needs to be done before this idea can be implemented? What are the risks associated with implementing this idea? This list can go on and on.
3rd step in the innovation management process is evaluating ideas. While prioritizing, you already decided what needs to be done first with each of these ideas, but at the evaluation stage, you need to evaluate how well each of these ideas has performed against its objectives and against other criteria that were listed for prioritizing stage.
4th step in the innovation management process is implementing ideas that have been selected for implementation based upon the evaluation stage. Once an idea has been chosen for implementation, it should be properly implemented so that it delivers its expected results.
5th step in the innovation management process is validating new ideas after they are implemented. Validation involves seeing whether the new ideas have delivered the expected results or not and whether or not they need any additional inputs or changes in order to improve their performance and make them more effective than they are right now.
6th step in the innovation management process is repeating all six steps as many times as required until all the new ideas have been fully validated and have become a part of the normal business processes of your organization.
Why take a systematic method to innovation management?
Different types of methods are used by different firms to manage innovation, with some being clearly more effective than others.
After all, innovation is only as good as the process that drives it, and it’s tough to avoid confusion and frustration without one.
A systematic innovation management approach walks you through the whole innovation life cycle, assisting you in making better decisions, eliminating bottlenecks, increasing efficiency, lowering risks, and moving quicker by simplifying an otherwise complicated process.