UNIT-5 Introduction To Innovation Management

UNIT-5
Introduction to Innovation management:

Innovation management is a combination of the management of innovation
processes, and change management. It refers to product, business process, marketing
and organizational innovation
Innovation management includes a set of tools that allow managers plus

workers or users to cooperate with a common understanding of processes and goals.
Innovation management allows the organization to respond to external or internal
opportunities, and use its creativity to introduce new ideas, processes or products. It is
not relegated to R&D; it involves workers or users at every level in contributing
creatively to an organization's product or service development and marketing.
By utilizing innovation management tools, management can trigger and

deploy the creative capabilities of the work force for the continuous development of
an organization.Common tools include brainstorming, prototyping, product lifecycle
management, idea management, design thinking, TRIZ, Phase–gate model, project
management, product line planning and portfolio management.The process can be
viewed as an evolutionary integration of organization, technology and market by
iterating series of activities: search, select, implement and capture.
The product lifecycle of products or services is getting shorter because of

increased competition and quicker time-to-market, forcing organisations to reduce
their time-to-market. Innovation managers must therefore decrease development time,
without sacrificing quality or meeting the needs of the market.
Managing Innovation within Firms:
The management of the innovation process involves trying to develop the

creative potential of the organization. It involves trying to foster new ideas and
generate creativity. Managing uncertainty is a central feature of managing the
innovation process.
A holistic innovation process is geared to the innovation goals and thus creates
a clear framework that structures and systematically implements the development of
new products, services and business models. Before this can happen, however, within
the company, it must be clear what is meant by the process itself.
The innovation process defines the management of an idea from the strategic
search to the successful market launch and its transfer to the operative management.
The process is the heart of innovation management, whereby it makes sense to
understand innovation goals as superordinate components of an innovation process
and to align the process with the goals. The decision for certain innovation goals in
turn marks the starting point of the innovation process and defines the process steps
derived from it (idea generation, concept, development, etc.).
Business strategy & organization Knowledge:
A knowledge management (KM) strategy is a specific plan to help your

organization manage information, data, and knowledge for the benefit of your
organization and any stakeholders. Successful KM strategies align with your
overarching organizational strategy and objectives and keep your KM team focused
on your business priorities and needs.
Developing a clear and effective KM strategy allows you to:
 Increase internal awareness and understanding of knowledge management.

 Make a strong business case for potential benefits to your organization.
 Get buy-in from senior management.
 Obtain resources to implement your strategy.
 Clearly communicate good knowledge management practices and your current
organizational KM status, goals, and plans for achieving those goals.
 Track your progress.
8 Types Of Knowledge Management Strategies

Communicating easy-to-understand actions that people in the organization will need
to take to achieve your KM objectives helps everyone understand what needs to be
done, by whom, and what benefits are in it for them.
Here are eight types of knowledge management strategies that can guide you in
planning your organization’s necessary actions:
Motivate Behavior: To motivate knowledge sharing, clearly communicate KM

strategy and goals to stakeholders and provide incentives or rewards for achieving
desired knowledge-sharing behavior.
Encourage Networking: Help your employees share knowledge by providing
opportunities for collaboration across organizational silos and through the use of
social software.
Gather SME Knowledge: Keep information from SMEs flowing through your KM
pipeline. Consistently capture, analyze, and codify this knowledge and then make it
available for search and retrievable.
Analyze and Activate: Careful evaluation of new knowledge to ensure accuracy is
key. Then, analyze the knowledge to look for patterns, trends or connections that can
lead to new knowledge.
Codify: Collected knowledge should be codified to make it more searchable and
enable tagging, templating, and cataloguing.
Disseminate: Captured knowledge has no value unless potential users know it’s
available. Plan to notify users of new or updated knowledge and where to find it via
channels those users engage with most, including email, newsletters, websites, or
social networks.
Implement Demand-Driven KM: An effective KM strategy includes stimulating
demand for knowledge. Encourage users to ask questions, submit queries, and search.
In this way, you will be able to identify in-demand content and be more efficient in
knowledge capture.
Augment Through Technology: Take your KN strategy to the next level. Consider
how cognitive computing and artificial intelligence (AI) can enhance human
capabilities for observation, analysis, decision making, processing, and responding to
people and situations.
New Product Strategy:
With a well-considered new product development (NPD) strategy, you can avoid
wasting time, money and business resources. An NPD strategy will help you organise
your product planning and research, capture your customers' views and expectations,
and accurately plan and resource your NPD project. Your strategy will also help you
avoid:
 overestimating and misreading your target market

 launching a poorly designed product, or a product that doesn't meet the needs
of your target customers
 incorrectly pricing products
 spending resources you don't have on higher-than-anticipated development
costs
 exposing your business to risks and threats from unexpected competition.
There are several important steps you will need to plan into your NPD strategy.
Define your product
An accurate description of the product you are planning will help keep you and your
team focused and avoid NPD pitfalls such as developing too many products at once,
or running out of resources to develop the product.
Identify market needs
Successful NPD requires a thorough knowledge of your target market and its needs
and wants. A targeted, strategic and purposeful approach to NPD will ensure your
products fit your market. Ask yourself:
 What is the target market for the product I am proposing?

 What does that market need?
 What is the benefit of my proposed new product?
 What are the market's frustrations of existing products of its type?
 How will the product fit into the current market?
 What sets this product apart from its competition?
Draw on your existing market research. You may need to undertake additional
research to test your new product proposal with your customers. For example, you
could set up focus groups or a customer survey.
Establish time frames
You need to allow adequate time to develop and implement your new products. Your
objectives for developing new products will inform your time frames and your
deadlines for implementation. Be thoughtful and realistic. Some objectives might
overlap but others will be mutually exclusive.
 Your objective to race against your competition will require efficiency from
your team.
 Your aim to achieve a specific launch date will be influenced by demand for
seasonal products and calendar events.
 Your aim to be responsive to your customers' needs and demands will require
time for research to ensure you develop the right products at the right time.
 Your objective to stick to business as usual and maintain other schedules will
affect the resources you make available for NPD.
Identify key issues and approaches
There are many tasks involved in developing a product that is appropriate for your
customers. The nature of your business and your idea will determine how many of
these steps you need to take. You may be able to skip or duplicate certain stages, or
start some of them simultaneously. Key tasks include:
 generating and screening ideas

 developing and screening concepts
 testing concepts
 analysing market and business strategy
 developing and market testing products
 implementing and commercialising products.
Managing New Product development:
There are eight steps involved in new product development namely:

 Idea generation.
 Idea screening.
 Concept development and testing.
 Business analysis.
 Marketing strategy development.
 Product development.
 Test marketing.
 Commercialization.
Role of Technology in Management of innovation:
The management of technological innovation is both an art, as well as a

science; the process involves the know-how and technological core skills to deliver
the functionality on the one hand, and (with an ear on the ground) the ability to
identify changes in technologies to come up with new innovations on the other.
Technology plays a part in innovation, but not in the way that many people
think. For the common person, technology has no value on its own. To make a
difference, it has to be appropriately applied to solve specific problems or meet
certain goals as defined by your business or your customer. To maximize the value of
that difference, it’s essential to apply only the smallest amount of technology to the
areas that stand to benefit from it.
Too many people like technology for its own sake. They get caught up in fancy
gadgets, spec sheets, and bullet points. They think that having technology is
innovative in and of itself. This is not true. Innovation only happens when you use
technology to provide a real or perceived value to your customer.
There are two primary uses for technology in business: to meet the status quo (web
site), and to create something new that moves the business forward (innovation). In
either case, the use of technology should be driven by the needs of the business and
the customer.
The status quo case is basically the price of admission. Every company these days
needs a web site. It really doesn’t add much value to your company, but you need it
to do business. The most successful companies are those that use technology to
support and enhance their market differentiators.
Take, for example, Domino’s pizza. After mounting criticism of their pizza from
focus groups and social media sites, Domino’s decided to try something new: listen to
their customers, speak frankly to them, encourage feedback, and create a better pizza
and a better experience.
They revamped their recipes, created a new marketing campaign, and tried again.
They also used technology in several targeted ways to facilitate communication
between them and their clients.
Specifically, they created an online Pizza ordering tool that allowed customers to, 1)
order their pizza, 2) track its cooking and delivery process, and 3) provide feedback to
the store about “how they’re doing”.
The result of the campaign? Domino’s reported a more than doubled fourth-quarter
profit.
Managing for Intellectual Property Right:
Intellectual property management (IP) is a system that manages intangible creations

of the human intellect and primarily encompasses copyrights, patents, and trademarks.
It also includes other types of rights, including publicity rights, and rights against
unfair competition.
Intellectual property rights management / intelligent property rights strategy (IPR

strategy) is a strategy for managing a company’s intellectual property rights portfolio.
It also covers the following intellectual property rights such as patent, trademark
protection, design protection, and copyright.
The law and administrative procedures relating to Intellectual Property Rights have
their roots in Europe. The trend of granting patents and trademarks started in the
fourteenth century.
IPR enhances technology advancement in the following ways:
 It implements a device for handling infringement, piracy, and unauthorized

use.
 It provides a pool of information to the general public since all formats of
Intellectual Property are published except in case of trade secrets
The term intellectual property rights strategy management is sometimes used as an

overarching strategy for managing the company’s intangible asset, for example, the
name of the company, a service, the logotype, music, computer programs, internal
manuals, and working methods, business concept, etc.…
An intellectual property rights strategy helps the entrepreneur to manage these

intangible assets professionally, to maximize the commercial benefits. IPR covers the
questions such as, which type of patent can be licensed out or sold, what kind of
patent should be purchased, other ways to use the intellectual properties rights, and
how to commercialize them and make money.
A good intellectual property rights management should include both an analysis of

competitors and an analysis of risks and take into account the company’s long-term
commercial objectives.
Intellectual property rights management needs to know the following:
 Hands-on management experience, ideally in managing the daily operations of

an intellectual property law office.
 Experience as a patent paralegal

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UNIT-5

Introduction to Innovation management:

Innovation management includes a set of tools that allow managers plus

By utilizing innovation management tools, management can trigger and

The product lifecycle of products or services is getting shorter because of

Managing Innovation within Firms:

The management of the innovation process involves trying to develop the

Business strategy & organization Knowledge:

A knowledge management (KM) strategy is a specific plan to help your

Developing a clear and effective KM strategy allows you to:

 Increase internal awareness and understanding of knowledge management.

8 Types Of Knowledge Management Strategies

Motivate Behavior: To motivate knowledge sharing, clearly communicate KM

New Product Strategy:

 overestimating and misreading your target market

Define your product

Identify market needs

 What is the target market for the product I am proposing?

Establish time frames

 generating and screening ideas

Managing New Product development:

There are eight steps involved in new product development namely:

 Concept development and testing.

 Marketing strategy development.

Role of Technology in Management of innovation:

The management of technological innovation is both an art, as well as a

Managing for Intellectual Property Right:

Intellectual property management (IP) is a system that manages intangible creations

Intellectual property rights management / intelligent property rights strategy (IPR

 It implements a device for handling infringement, piracy, and unauthorized

The term intellectual property rights strategy management is sometimes used as an

An intellectual property rights strategy helps the entrepreneur to manage these

A good intellectual property rights management should include both an analysis of

Intellectual property rights management needs to know the following:

 Hands-on management experience, ideally in managing the daily operations of

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