Bernhard Burgener discusses the importance of Innovation Management

To remain relevant, companies today must encourage innovation by fostering innovation leadership

Bernhard Burgener (a veteran businessman) believes that ingenuity is the key for success in business. To remain relevant in the long-term He believes in ingenuity in management to meet market needs.

Learn more about the ways you can incorporate an innovation strategy within your company in a better way.

What exactly is innovation-related management?
https://www.persoenlich.com/medien/bernhard-burgener-verkauft-aktien-281856/print There is a lot of debate on management of innovation. The very definitions of innovation suggest that they cannot be managed.

Some, however believe in the importance of creating structures that can generate more innovation. It's not always as simple as it appears.

Let's look at what innovation is. Merriam-Webster defines innovation as "introducing something novel." It's different from simply inventing something.

"Innovation management" refers to the management of all activities necessary to "introduce something completely new."

The definition implies that there are many kinds of innovation. This is the cause of numerous disputes relating to innovation.

People often use the generic term when referring to a small segment of the field of innovation. Even so, they're limited to their knowledge and perspective from the company's.

The four main pillars of innovation management, according to Bernhard Burgener
Bernhard Burgener, a professional in the field of innovation management, has found the most effective method to understand the topic through his experience. This is by breaking the topic down into smaller pieces and discussing each aspect separately.

Bernhard Burgener suggested that you should be aware of this pillar's main point:

Competency
Competency refers specifically to an organization's capability and ability to innovate.

https://www.watson.ch/sport/fussball/957530786-bernhard-burgener-wer-ist-eigentlich-der-umstrittene-fcb-praesident Innovations require teams and individuals to to work in tandem, however, the component of competence is focused on people. This refers to the capabilities, insight, and practical skills that employees have.

The company's manager has a legitimate need to be an an entrepreneur .

The model also takes into account the capital of information in an organization and also tacit know-how. All of these might be necessary to invent new ideas.

Structure
Structures facilitate the effective use capabilities, while capabilities allow for the modification and use of structures. This means that the organizational structure, processes and infrastructure of an organisation are important.

Structures that are exemplified can be a force multiplier, allowing an organization to innovate and run more efficiently.

Without the right communications channels, decision making procedures and the infrastructure to implement their ideas, they're unlikely to succeed. These tools, such as innovation management software can be used to make a huge difference.

Culture
Culture can enable an organization to gain the abilities that are associated with people, provided it has the proper structures in place to achieve this.

An innovation-oriented culture helps the organization to recruit and retain the right people.

An ideal pro-innovation culture encourages correct behavior and discourages those who do not. The culture of a company directly affects its ability to innovate. Its effects can quickly become a burden. These are the characteristics of an innovation-oriented culture.

It emphasizes the importance of constantly making improvements.
The most sought-after qualities are speed, knowledge, and experimentation.
Acceptance of failure is part and parcel of creativity
Allows employees to have enough autonomy and responsibility. Instead of using a chain of command, focus on vision and culture.
Strategy
Strategy is the basic plan of an organization to achieve long-term success.

Bernhard Burgener It is crucial to understand that strategy involves making decisions between several choices to increase your chances of winning. Bernhard Burgener This decision shouldn't be considered separate from the implementation.

Strategy and innovation are closely connected topics. However, innovation is only one way to reach your strategic goals.

The various types of innovation, which require different approaches to management as per Bernhard Burgener
Open Innovation
It is based on the conviction of intelligent, talented people who can contribute to the organization's strategic goals. They may also be able to be able to share intellectual property, which could be beneficial to different parties.

The more data you have is available, the better the final decision. The open innovation funnel to right, the process of development isn't limited to specific employees within the company that facilitates it. The number of ideas is even greater.

Incremental Innovation
Incremental innovation may be described as a series of incremental improvements or improvements to the existing product, service or process.

The incremental innovation process is focused on improving the efficiency of the product as well as productivity and differentiation.

Incremental innovation is usually utilized to increase or sustain the product's position in the marketplace. Bernhard Burgener It's become a typical approach in technology for consumers in the process of helping companies improve their personal devices and to offer more user-friendly features.

Sustaining Innovation
It's when a business develops higher-performing products in order to earn more money for its top customers. Continuous innovation is a strategy that companies that are successful in their industry use.

Profit is the primary factor in creativity. Profit margins could be increased by offering better products to customers.

Disruptive Innovation
This is innovation that occurs when a company, with fewer resources, moves upwards and confronts the established company. You can divide disruptive innovation into two kinds.

Low end disruption It's a disruption that happens in the middle of an existing market by using a low cost business model.
New market disruption - By providing services to an unserved market, a company develops and claims a new segment in a current market.
Both kinds of disruptive products can force incumbents to go downmarket instead of fighting the newcomer.

What are the biggest issues Bernhard Burgener sees for innovation management?
Poor infrastructure
Without the infrastructure, resources and procedures needed to make an impacts, it's difficult for individuals to do so. Google's 20 percent time is fantastic illustration of how to facilitate innovation.

Still even if you did apply the same guidelines to your company, it will likely be much less efficient. Employees won't have access to the expertise of the infrastructure, raw data that Google employees have access to.

The manager must give their team the resources and skills they require to achieve their goals.

Culture lacks a growth mindset
It is essential to create a growth mindset in your company. A growth mindset is a belief that you are not able to change the person you are.

The same goes for organizational culture. Businesses that don't have a growth-oriented culture are unlikely to be innovative.

There isn't a clear picture.
Innovating from something that's not yet in existence can lead to important innovations. This is especially true for organizations.

If you are able to articulate a compelling vision, it is more likely that your employees will be motivated to work harder to create innovative ideas. If you've got a strong vision for your company but you must communicate effectively and in a way that is acceptable.

Bernhard Burgener would advise that you keep your dream alive and never stop inventing!