Anything new is innovation, even finding newer ways of rehashing old routines to make them sharper and faster is innovation. The ability for businesses to be able to look into the future and constantly devise ways to capture markets or create new ones—that’s Innovation Management.
To further understand this concept, let us break it down into following three aspects:
Competency – which is governed by organisational capabilities
Strategy – sourcing and channelling resources for optimum results
Management – At the root of all changes that propel business growth is effective management of human resources, because business is always about people. Successful management policies combined with stellar levels of competencies and strategies set the bar high for competition and allow companies to manage innovations effectively for continued triumph.