Bernhard Burgener discusses the importance of Innovation Management

Companies need to encourage the development of new ideas through management of innovation if they want to stay relevant over the long-term.

Bernhard Burgener (a veteran entrepreneur) believes that innovation is essential to succeed in business. He believes that sustaining relevance, in the long term requires a creative management system to meet the demands of the market.

Check out the following information to discover ways you can enhance your innovation management.

What exactly is innovation-related management?
There is a lot of debate surrounding innovation management as a term. Innovation is defined as something that cannot be managed.

Others, on the contrary side, are in favor of the use of processes and systems to bring about increased innovation. However, the reality isn't always as straightforward as it appears.

Let's look at the definition of innovation. Merriam-Webster defines innovation as "introducing something brand new." This is not the same as making something up like a new product.

https://primenews.ch/news/2021/03/bernhard-burgener-bereut-entlassung-von-cheftrainer-raphael-wicky "Innovation management" means managing all the activities needed to "introduce something brand new." This method involves inventing concepts, prioritizing them and then implementing them, e.g. through the launch of the product or creating new processes within the company.

As the definition states, there are many kinds of innovation. This is the reason of many disputes in the field of innovation.

The term "generic" is often used as a word when they are referring to a tiny subset of innovation. And even then it's strictly from their organizational point-of view and personal experience.

The four pillars of innovation management that Bernhard Burgener has identified
Bernhard Burgener, a professional in the field of innovation management has found the most effective method to understand the topic from his personal experiences. It's through taking it apart and discussing every aspect of innovation management individually.

Bernhard Burgener advised that you concentrate on this pillar as the primary one.

Competency
Competency is the capacity of an organization to manage and invent.

Innovations are dependent on both individual and team ability, but the competency element focuses on people. This refers mainly to the abilities of the employees within the company and knowledge, as well as their insights and the practical abilities.

Managers of companies require the management of their business in an entrepreneurial manner.

The model also considers organizational information capital and tacit knowledge. These are all necessary to bring about the next generation of innovation.

Structure
Structures facilitate the efficient use of capabilities, whereas capabilities enable the utilization of structures. This implies that the organizational structure, processes , and the infrastructure of an organization are important.

These exemplary structures can help organisations to be more effective and creative by serving as an effective force multiplier.

If there aren't the appropriate communications channels, decision making processes and infrastructure to implement their ideas, they're unlikely to get off the ground. Software like innovation management software can make a significant difference.

Culture
Culture is a way for an company or group to acquire the skills related to individuals, if the structures allow it to use these capabilities effectively.

It is much easier for companies to retain and attract the best people with a culture which encourages the development of new ideas.

A culture that is supportive of innovation encourages correct behavior and discourages those who do not. Since its effects rapidly accumulate the company's culture could impact its innovation ability. These are the characteristics of an ingenuous culture.

The importance of continually making improvements.
The most valued qualities are speed, knowledge and experimentation.
Acceptance of failure as part creativity
Gives employees sufficient autonomy and responsibility. Instead of a chain of command, focus on culture and vision.
Strategy
Simply put, strategy is an organization's plan to achieve long-term success.

But, it is crucial to realize that the strategy involves taking deliberate decisions. Those decisions are madebetween many options that be sure of "winning," This choice must be considered in conjunction with the execution.

Strategy and innovation are closely related issues. But in essence, innovation is simply the best way to accomplish your goals in terms of strategy.

Bernhard Burgener discusses the various types of innovation which require different management styles
Open Innovation
It is based on the conviction of intelligent, talented people who can contribute to the company's goals. They can also transfer intellectual property, which is beneficial for different people in various ways.

The more information is available, the better the final decision. The open innovation funnel to the right indicates that the process of development is not limited to only employees within the facilitating organization. You can also have more ideas.

Incremental Innovation
Incremental innovations are a series minor improvements or updates to current products, services , or processes.

Innovation that is incremental tends to boost the efficiency and effectiveness of development of existing products and also their competitive differentiation.

Incremental innovation is commonly used to maintain or improve the market position of a product. Bernhard Burgener This is a common practice for consumer technology. Manufacturers are constantly striving to improve their personal devices with features that are user-friendly.

Sustaining Innovation
It's when companies create more efficient products and then sells them to customers with higher profits. Bernhard Burgener The majority of companies that succeed in their specific industries utilize constant innovations.

Profit is the primary driver behind innovation. Profit margins can be increased by providing better products and services to clients.

Disruptive Innovation
This innovation happens when a business with less assets expands its reach and competes with an existing business. You can divide disruptive innovation into two kinds.

Bernhard Burgener Low-end disruption This is disruptive activity that occurs at the lowest end of a market that utilizes a low-cost model.
New disruptive market A business which caters to an underserved segment of a market can establish and claim a new market.
Both types of disruptive innovations cause incumbents to withdraw from the market rather than combat the new competitor.

What are the main challenges Bernhard Burgener sees when it comes to innovation management?
Poor infrastructure
Without the resources, infrastructure and processes necessary to realize impact, it will prove difficult for individuals to achieve this. For example, it's easy to talk about Google's 20 percent timer as a great initiative to encourage innovation.

However, even in the event that the policy was applied to your workplace, it would be less effective. Your employees may not have access to the tools or infrastructure, know-how, or the raw data that employees from Google do.

The manager has to ensure that their team has the tools and resources they require to be successful.

Culture lacks a growth mindset
It is crucial to create a growth mindset for your business. Growth mindset refers to a belief that you can't change the person you are.

Bernhard Burgener It is the same for organizational culture. A company that isn't growing will be unable to invent.

There's no vision , or clear goal
Inventing something that doesn't exist is often the cause of major innovations, and this is also applicable to organizations.

If you have an inspiring vision, it's more likely that people will be motivated to work harder to create innovative ideas. Although you may have a clear vision for the company but communicating it effectively and acceptingly is essential.

Bernhard Burgener would have it this way Keep the vision alive , and continue innovating!