Innovation Management in Organization - Research Paper Example

Innovation management critical success factors Innovation management is the practice of managing the processes involved in innovation. A shared and inspiring vision for the future is a critical aspect affecting success in improvement supervision. Most organizations anticipate the future based on the experiences. When the past is suspended, and the future is envisioned, it becomes easy to recognize the forces of growth and change. A holistic view of the anticipated future experiences has a better impact on the innovation than placing emphasis on the past. It is crucial to develop a hypothesis for the future rather than predicting it (Afuah, 2003). Breakthroughs rarely survive without a strong and working decision making model. This model should differ with the model used in incremental innovation (Soni, 2009). It has become increasingly clear that old models rarely work (Trott, 2005). Technology dependent decision making systems have the weakness of failing to engage the vital stakeholders. Automation in decision making causes consensus to be hard to obtain (Aledda, 2010). Therefore, a health decision making system seldom works without a champion who can engage teams and make decisions to enhance mutual progress. Successful organizations that are known to drive innovation in their projects have a blind commitment to the consumer tastes and preferences (Aledda, 2010). They are known to have a slave like dedication to the concerns of the consumers. Innovation management demands that high quality marketing plans and action to be taken with an aim have a higher rate of success with it come to consumer response (Albers, 2004). Market studies show that such products are blessed with double success rates and over 70 per cent high share in the market than those with poor marketing strategies (Palthe, 2006). Therefore, marketing has a place in the management of innovation (Afuah, 2003). A strong customer focus and marketing orientation is noticeably lacking in the modern business conduct what new products launch. Delivering a differentiated product with unique customer benefit with a strong appeal to clients is one of the success factors in innovation. Superior products have a significant influence in the management of innovation (Morel & Hosni, 2005). It is said to meet customer need in a better way compared to ordinary non competitive products. Superior products have a high success rate and stronger appeal to customers unlike products that lack this ingredient. Not many firms can point to the facets of the new products that show uniqueness of their new products (Aledda, 2010). Most organizations are known favor repetitive production and straightforward procedures that do not cost much (Albers, 2004). Inexpensive products are known to cause inferior products in most cases (Morel & Hosni, 2005). Companies are beginning to influence the process of design with an aim to fan products superiority a way of enhancing innovation management (Palthe, 2006). The concept of superior concept is a critical success factor in the innovation management (Trott, 2005). Defining products and target market have a grave impact of the management of innovation. The concept of the product, positioning and benefits, are necessary to define the impact of the management of innovation (Morel & Hosni, 2005). Depending on how this concept is handled, it can lead to failure or delays of newly innovated products (Palthe, 2006). Products specs and features need to be well defined to lessen ambiguity and a strong an authentic appeal to the clients. A definition gate is necessary for the success of the innovation process and its management (Aledda, 2010). Research shows that despite the fact that stable and early definition of the product being cited as one of the major ingredients of success and innovation, not many organizations are embracing the concept. Innovation management cannot be successful without successful product launch (Soni, 2009). The concept of innovation management must be seen as a process rather than an event. Innovation management entails successful product launch (Palthe, 2006). It is not enough to have a superior product (Afuah, 2003). New product successful launchers are known to spend twice the amount that is spent by the companies that fail (Soni, 2009). Therefore, it’s vital to conduct a quality launch of the new product. It entails well planned strategies to facilitate innovation management (Morel & Hosni, 2005). However, research shows that launches that are done as an afterthought demonstrate poor innovation management plans and strategies. Innovation management entails packaging products and services and making it acceptable to the customers (Tidd & Bessant, 2011). Organizations have a tendency to let product development to go far without serious scrutiny (Albers, 2004). This leads to misallocation of resources (Tidd & Bessant, 2011). Innovation management necessitates tough decision points for success to be achieved. Scrutiny in innovation management is a vital factor needed for success (Palthe, 2006). Scrutiny does not necessarily advocate for bureaucracies. It is a strong demand for accountability and transparency in the process of innovation. Teamwork is extremely necessary in with it comes to products innovation management. Management takes team collaboration and sharing for successful results to be achieved (Aledda, 2010). As a result, it has become accepted that for innovation management to be successful, strong and dedicated teams should be used. This also demands sequential problems solving techniques (Tidd & Bessant, 2011). Problems should be shared and addressed with a holistic approach (Soni, 2009). Good innovation management demands that projects be organized as a cross functional team (Afuah, 2003). Numerous studies show that a strong project leader is necessary when it comes to innovation management (Palthe, 2006). Organizations should ensure that innovation managers are qualified or experienced (Aledda, 2010). Team leaders can affect the success of organizational innovation. Top management should be able to oversee projects from start to the end. A strong team should be able to be consistent and steadfast while managing or implementing the process of innovation (Soni, 2009). Therefore, qualified teams are a critical success factor in innovation management (Albers, 2004). According to research, 88 per cent of successful management of innovation requires able teams that are familiar with the nature of the innovation process. Successful innovation management requires that the products that are being launched get an international outlook (Tidd & Bessant, 2011). This means that innovation should aim at international markets as opposed to domestic markets (Morel & Hosni, 2005). A critical factor of success in innovation management is the ability if the process to develop products or services that meet international standards and that appeal to international clients (Afuah, 2003). Companies in North America are known to miss the international dimension (Soni, 2009). This could mean developing different products that appeal to different markets in the world for the same innovation team (Palthe, 2006). International innovation management approach means adopting transnational approach in the process of innovation (Trott, 2005). It also entails utilizing cross-functional teams in which members come from different cultures and markets (Albers, 2004). This makes it easy to gather information from different parts of the world. Multiple international markets require a different approach for a brand to make the intended impact (Morel & Hosni, 2005). This may entail having new product designs which are customised for different markets in the world (Tidd & Bessant, 2011). Modern information technology has a crucial role when it comes to implementation of decisions on innovation management. It helps in capturing competitors and management models and decision support systems (Morel & Hosni, 2005). Through the use of information technology, successful solutions in competitive situations are analyzed (Aledda, 2010). It also creates exclusive meeting or access to knowledge databases that can be of much help when it comes to management decisions (Soni, 2009). Such knowledge is helpful is implementation of decision touching on innovation management (Soni, 2009). Information technology reduces the time needed to transfer such knowledge (Afuah, 2003). As a result, information technology is known to facilitate maintenance of continuance innovation in organizations. New knowledge, storage and knowledge transfer are all crucial in the process of innovation management. All this is maintained through the use of information technology. It helps the teams involved in the innovation process. This happens by reducing the time needed to either search for knowledge or even transfer it (Morel & Hosni, 2005). The impact of this in an organization is increased efficiency in the innovation process. It is also known to enhance the quality of products and employees participation (Albers, 2004). The role of innovation management is not confined to oversight committees. According to Ray, identification and storage roles of information technology are indispensable when it comes to the contribution done by information technology in the modern world (Palthe, 2006). When organizations have a strong capacity to maintain large databases and up-to-date inventories of the resources they own, they become better innovators and managers than when they do not (Morel & Hosni, 2005). Therefore, the role of information technology in the management of innovation is crucial. Information technology and innovation go hand in hand. Information technology is seen as a result of innovation (Tidd & Bessant, 2011). Therefore, organizations have begun investing in the latest technology including research and innovation of cutting edge technologies. In conclusion, Innovation management depends of many critical facts for it to succeed. Innovation management must be seen as a process that starts with a plan, and the climax is the successful launch of a product. The entire process needs qualified and dedicated personnel who ensure quality work. It also required strict adhering to the timelines and an aggressive oversight strategy. Strong, motivated teams with able leadership are a vital ingredient in the process of innovation and innovation management at large. This is facilitated by the use of modern technology which helps is solving time, information storage and transfer. In the world, today, technology is seen as a must when it comes to successful innovation management. Furthermore, organizations that place emphasis on the superiority of the product are seen to be successful in innovation management and new products launch. This is because the success of innovation is seen through consumer appeal are response in the market place. References Afuah, A. (2003). Innovation Management: Strategies, Implementation and Profits (2nd ed.). Oxford University Press. Albers, S. (2004). Cross-functional Innovation Management: Perspectives from Different Disciplines (1st ed.). VS Verlag. Aledda, R. (2010). Key Success Factors of New Products / Product Innovations (1st ed.). GRIN Verlag. Morel, L., & Hosni, Y. (2005). Management of Technology: Key Success Factors for Innovation And Sustainable Development: Selected Papers from the TWelfth International Conference on Management of Technology (1st ed.). Emerald Group Pub Limited. Palthe, P. J. (2006). Critical Success Factors for Innovation Management in European Industries: A Cross-European Study Exploring the Critical Success Factors for Innovation Management in European Industries (1st ed.). Centage. Soni, R. (2009). Innovation Management: Knowledge & Inspiration Toolkit (1st ed.). Global India Publications. Tidd, J., & Bessant, J. (2011). Managing Innovation: Integrating Technological, Market and Organizational Change (4th ed.). John Wiley & Sons. Trott, P. (2005). Innovation Management And New Product Development (3rd ed.). Prentice Hall. Read More