What is innovation management?


Quick Answer

Innovation management is the process of developing and managing organizational processes. Information management is essential to a company's success because the process looks to the future in order to help companies devise new operational tactics that will help them stay relevant. Innovation management has become very important because the business world has become more global and the speed of business has accelerated tremendously due to technological advances.

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Full Answer

Innovative management oversees the research and development sector of companies, and helps business organizations maintain a competitive edge among their competitors. Innovation managers set and formulate goals, coordinate and allocate resources, and also motivate and align efforts. Businesses understand the importance of innovation to their overall success and have started appointing job titles like Chief Innovation Officer and Chief Ideation Officer.

Innovation management personnel strive to develop a culture of communication and academic collaboration within their companies. The processes suggested by innovation management help improve efficiency, cut costs and increase revenues for their organizations. Companies looking for new ways to boost their profitability and make their brand more valuable turn to innovation management. Innovation management teams analyze sectors within the companies that are underperforming and devise plans that can help cause a culture change within an organization.

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