Bernhard Burgener on innovation management's importance

To remain relevant, companies today must foster innovation through innovation leadership

Bernhard Burgener (a veteran businessman) believes that ingenuity is essential for success in business. To maintain relevance over the long term Burgener believes in the need for innovative management to satisfy market demands.

Look at the following to find out how you can improve your management of innovation.

What exactly is innovation management?
Innovation management, in its various forms is the subject of much debate. Innovation management implies that it is not manageable.

https://www.horizont.net/suche/thema/Bernhard+Burgener Some, on the other hand, believe in using systems and processes for more 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 new." It is not the same thing as just creating new products.

"Innovation management" involves managing all the activities that are necessary to "introduce something new."

As the definition implies, there are many kinds of innovation . This is at the heart of many disagreements regarding innovation.

It is common to use the generic name when referring only to a specific type of innovation. But even then, it's solely from their point perception and personal experience.

Four key pillars of innovation management from Bernhard Burgener
Bernhard Burgener learned the best method to comprehend this subject by observing. It is done by breaking it down and discussing each element of management of innovation separately.

Bernhard Burgener stated that this is the main pillar you must be focusing on.

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

Innovations are dependent on the ability of both teams and individuals however, the competency component focuses on individuals. This refers mainly to the capabilities of employees in the company knowledge, insight, and practical skills.

For the leader of the business there is a legitimate necessity for entrepreneurial leadership.

The model also considers an organization's information, tacit, as well as financial capital. They could all be required for the creation of a new model.

Structure
Structures allow the efficient utilization of capabilities. Likewise, capabilities allow the utilization of structures. In reality it is referring to the organizational structure of an organization.

Exemplary structures can act as an increaser of force and enable the company to function and improve its innovation.

Many ideas fail without the proper communication channels, decision-making processes and the right infrastructure for implementation. Innovative management software could be a major help.

Culture
The concept of culture is one way for an organization or group to gain the capabilities of people, if its structures allow it to use these capabilities effectively.

A business with an open-minded culture will be able to attract and retain the most talented people more quickly.

An appropriate culture of pro-innovation encourages proper conduct and discourages the wrong ones. The culture of an organization can have a significant influence on the potential of innovation and its results quickly accumulate. These are the qualities that make up an creative culture.

The importance of continuously striving to improve.
Valued are speed, learning, experimentation, and flexibility.
Accepts failure as a necessary part of creative development.
Bernhard Burgener This allows sufficient freedom and accountability. Leaders are guided by their vision and culture and not by a chain of command approach.
Strategy
Simply said, strategy is an strategy of an organization to achieve long-term success.

It's also important to keep in mind that strategy is a combination of making choices and then implementing the decisions.

Innovation and strategy are both closely linked topics. In the end innovation is only one of the ways to meet your strategic goals.

Bernhard Burgener describes the various kinds of innovation that require different approaches to management.
Open Innovation
It is based on the belief that talented and innovative individuals from outside the organization could also contribute to the strategic objectives. They also have the capacity to share intellectual property, which could be beneficial to various parties.

The more information you have more you know, the better informed your decision. The open innovation funnel on right lets anyone participate in the development process. Bernhard Burgener There are many more ideas.

Incremental Innovation
Incremental innovation refers to a series of minor enhancements or improvements to a company's existing products, services, processes, or techniques.

Intense innovation is a way of making modifications to existing products that improve their development efficiency, productivity, or competitive differentiation.

Incremental innovation is typically utilized to improve or keep the product's position in the marketplace. This is a common practice in consumer technology. Businesses strive to make their products more user-friendly.

Sustaining Innovation
It's when companies create more efficient products and then sells them to higher profit customers. Companies that are successful in their respective industries use constant technological innovation.

Profit is the main driver of the development of new products. By creating better products for its best clients, businesses can pursue ever-higher profit margins.

Disruptive Innovation
This type of innovation occurs when a company with fewer assets moves upmarket and challenges an existing business. There are two types of disruptive innovation:

Low-end disruption - It is disruptive at the low end of an existing market by using a low-cost business model.
New-market disruption: A company can cater to an underserved niche in a particular market and thus create a new niche.
Both types of disruptive innovation cause incumbents to withdraw from the market instead of fight the new entrant.

Bernhard Burgener's vision for innovation management challenges is fascinating.
Bernhard Burgener Poor infrastructure
Without the right infrastructure, processes, and resources, it'll be difficult for anyone to have an impact. It's for instance, easy to discuss Google's 20% time being an excellent initiative for empowering innovation.

However, even should the policy be implemented at your workplace, it's likely to be less efficient. Your employees might not have access to the same infrastructure, tools and knowledge that Google employees have access to.

Managers must provide the necessary resources and skills for their teams in order for them to succeed.

Culture lacks a growth mindset
It is essential to build an outlook of change for your business. A growth mindset is a belief that you can't alter who you are.

This is also true for the organizational culture. Without a culture that is geared towards growth, the organization is highly unlikely to develop new ideas.

Bernhard Burgener Lack of vision or clear focus
The process of inventing something that currently in use is often the source of crucial inventions.

An inspiring vision is more likely to draw people who are willing to put in more effort to create new technology. https://www.handelszeitung.ch/management/bernhard-burgener If you've got a strong vision for your company, you still need to communicate understandably and acceptably.

Bernhard Burgener would advise that you keep your ideas alive and keep inventing!