Bernhard Burgener on innovation management's importance

To be competitive long-term, companies need to foster the process of innovation by implementing a management system for innovation.

Bernhard Burgener who is an experienced entrepreneur and businessman says that innovation is the sole method to win in the world of business. To stay relevant over the long term, he believes in innovative management to meet market needs.

Learn more about the best ways to implement innovation management in your business.

Bernhard Burgener What is the exact meaning of innovation management?
Innovation management, as a term is the subject of debate. Innovation management implies that it isn't manageable.

Some are steadfast believers in the creation of processes and systems that boost innovation. However, the reality isn't always as simple as it may appear.

Let's examine the definition of innovation. Merriam-Webster defines innovation as "inventing something new." But, this is not the same thing as inventing a new product.

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

The definition implies that there are many types of innovation. This is the reason for many debates on innovation.

Many people employ the generic term to describe a subset innovation. And even then, strictly in terms of their organization and knowledge.

Bernhard Burgener's four key pillars of innovation management
Bernhard Burgener learned the best method of understanding this topic through his own experience. Bernhard Burgener It's by breaking it down 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 company's capability to manage and create innovation.

Innovations are dependent on the skills of groups and individuals and groups, however the competence aspect is mostly about individuals. This is mostly about the abilities to know, the knowledge and the practical skills of the employees.

The person in charge of the organization has a legitimate requirement for leadership that is entrepreneurial.

The model also considers the company's information and tacit knowledge. These could be necessary to invent new ideas.

https://www.rts.ch/sport/football/12188994-super-league-accord-entre-bernhard-burgener-et-david-degen-pour-bale.html Structure
Structures aid in the effective utilization of capabilities, and they allow for the use and modification of structures. In practice, this refers to an organization's organizational structure.

The best structures can be utilized to increase the effectiveness of an organization's work and to foster innovation.

Without proper communications channels, decision-making processes and infrastructure for implementation and processes, very few ideas can succeed. Software like innovation management software could help make a huge difference.

Culture
Culture allows an organization to develop capabilities that are related to people if structures allow the company to use capabilities effectively.

Businesses that embrace the culture of innovation make it easier to retain and recruit the right people.

An ideal pro-innovation culture encourages the right behavior and deters those who do not. Because its effects can quickly accumulate the culture of an organization can impact its innovation ability. These are the hallmarks of an ingenuous culture.

It is important to constantly enhance.
Valued are speed, learning, experimentation, and flexibility.
Accepting failure is an essential part of creativity
This allows enough freedom and responsibility. Leaders are guided by culture and vision rather than the chain of command method.
Strategy
Strategy is the basic plan of an organization to achieve long-term success.

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

Strategy and innovation are closely linked topics. However, in essence, innovation is just one way to achieve your strategic goals.

Bernhard Burgener discusses the numerous types of innovation, which require different management styles.
Open Innovation
It is based on the idea that smart and creative people from outside of the business can aid in the achievement of strategic goals. They may also be able to share intellectual property which can be beneficial for diverse parties.

The more data gathered is more reliable the final decision. Bernhard Burgener The open innovation funnel on the right, the process of development is not limited to individuals within the facilitating company. In addition, there are other ideas.

Incremental Innovation
Incremental innovation is described as a series of incremental improvements or improvements to an existing product, service process, method, or product.

Intense innovation is a method of making adjustments to existing products to improve the efficiency of their development, productivity, or competitive differentiation.

Incremental innovation can increase or maintain a product's standing in the marketplace. It's become a typical method in the field of consumer technology in the process of helping companies enhance personal devices and provide customers more appealing features.

Sustaining Innovation
It is the time when a business produces better-performing products that are offered at higher profit to their top customers. It's typically a plan of action business that has succeeded in its industry's use to maintain innovation.

Profit is what drives innovation. By creating more efficient products for its most valuable customers, companies can pursue ever-higher profit margins.

Disruptive Innovation
This type of innovation occurs the case when a business with fewer resources challenges an incumbent company and moves towards the upper end of the market. It's possible to separate disruptive innovation into two types.

Bernhard Burgener Low-End Disruption- This disruption can occur in a market with a low-cost business plan.
New-market disruption A business can serve an untapped niche in a market and create a new market.
Both kinds of disruptive innovations cause incumbents to withdraw from the market, rather than combat the new competitor.

What are the biggest challenges Bernhard Burgener sees in innovation management?
Poor infrastructure
It's hard to make an impact without processes, resources, or infrastructure. Google's 20 percent time is an excellent example of how to enable innovation.

However, if your company had the same policy the policy would likely be less effective. Your employees won't have the access to the information and infrastructure or the raw data that Google employees do.

Managers must ensure that they have the necessary resources and skills for their teams in order to ensure that they succeed.

Culture lacks a growth mindset
It is essential to create the mindset of growth within your company. A growth mindset is one that realizes that you are not fixed and are able to be transformed.

This is especially true of the culture of an organization. If there is no culture that encourages growth an organization is unlikely to innovate.

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

If you've got a compelling vision, it is more likely that people are motivated to push harder for new innovations. It is possible to have a great vision, but you need to convey it clearly and in a manner that will be understood by the company.

Bernhard Burgener would agree that it is important to keep the vision in motion and to innovate!