INNOVATION MANAGEMENT

Innovation management means developing something that will benefit the company by creating something new. The solving of tasks and the coordination of activities are in the foreground.

Why innovation management?
The aim of innovation management is to continually advance innovation through concepts. In addition, framework conditions are to be created in order to be able to develop new ideas within the company by creating uniform communication. A further aim is to improve products by increasing quality.
To achieve this, trends such as industry trends and future trends should be identified and evaluated and innovation projects should be adapted. The basis for this is an analysis of customer needs.

Examples
Innovation management includes, for example, the introduction or optimisation of new products as well as new strategies or measures. The optimisation of processes also belongs to innovation management.

Phases of innovation management

• Phase 1: Brainstorming
  The first phase of innovation management consists of finding creative ideas. These can be developed through teamwork, brainstorming or design thinking. It is helpful to create incentives for the development of new ideas.
  Ideas can, for example, be a new product or service.
• Phase 2: Further development
  In the second phase, the ideas are further developed and deepened. Potential analyses and utility value analyses are used to analyse and evaluate the idea.
• Phase 3: Implementation
  Afterwards, the ideas can be implemented in the third and final phase, for example through agile project management.
  Phase 4: Market
  The ideas developed can now be put on the market

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