Bernhard Burgener on innovation management's importance

To stay 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 as well as a businessman claims that innovation is the only method to succeed in the business world. To remain relevant for the long-term the need for innovative management is vital in order to satisfy the demands of the market.

Find out the ways you can incorporate innovation management within your business in a more effective way.

What specifically does the term "innovation management" mean?
It's a topic of debate and debate as innovation management is a concept. Innovation cannot be managed because of its nature.

Many are committed to creating systems and processes to boost innovation. You might not expect it to be this easy.

We must first try to comprehend what it means to be innovative. Merriam-Webster defines innovation as "introducing something completely new." It's not the same thing as inventing something new like a new product.

"Innovation management" means managing all processes that are required to "introduce something new."

The definition of innovation states that there are different types of innovation. This is the main reason of many disputes in the field of innovation.

In referring to a specific part of innovation, many employ the term "generic. However, this is solely from their point perspective and knowledge.

The four pillars that Bernhard Burgener has identified as the most important of innovation management
Bernhard Burgener learned the best method of understanding this topic through experience. This is done by breaking down every aspect of innovation, and then discussing them separately.

Bernhard Burgener emphasized the importance of this foundational pillar.

Bernhard Burgener Competency
Competency is a company's capacity to create and manage innovations.

Innovations require the ability of teams and individuals, but the competency aspect primarily revolves around individuals. This is primarily about the knowledge, abilities, and practical skills of employees within an organization.

For the manager of the organization there is a real need for an entrepreneurial leader.

The model also takes into account the company's information, tacit, as well as financial capital. Each of these could be required in order to produce the next generation of innovation.

Structure
While capabilities can be used to build structures, structures enable them to make effective use of their capabilities. In practice, this means the structure of the organization's organization as well as processes and infrastructure.

Structures that can be exemplified could act as a force multiplier, allowing an organization to innovate and perform more effectively.

Without proper communication channels and decision-making processes, only a few ideas will succeed. This is where tools such as innovation management software can make a difference.

Culture
Culture is a way for an organization or group to gain the abilities related to people, provided that its structures permit it to utilize these capabilities effectively.

Innovative culture can make it easier for an organization to recruit and retain the best employees.

A culture that encourages innovation promotes positive behavior and discourages bad ones. Bernhard Burgener A company's culture has a direct impact on its innovation. Bernhard Burgener Its consequences can swiftly accumulate. In general, these are the characteristics of an innovative company:

The importance of continually striving to improve.
Speed, learning and experimentation are highly valued.
Accept failure as a necessary part of the creative process
It allows employees to have enough autonomy and control, and is guided by vision and culture rather than a chain approach.
Strategy
Simply stated the term strategy refers to an organization's plan to achieve long-term success.

It is crucial to realize, however, that strategy ultimately requires making deliberate choices . The decisions must be in the context of a range of possibilities to maximize your chance of "winning". This decision should not be separated from the implementation.

Innovation and strategy are both closely related topics. But, innovation is just one of the ways to meet your strategic goals.

The different kinds of innovation that need different approaches to management as per Bernhard Burgener
Open Innovation
It is based upon the belief that creative and educated individuals who are not part of the organization can also help in the attainment of strategic goals. They are also able to share intellectual property, which can benefit different people in various ways.

The more data you can gather the more data you can gather, the better your final decision. The process of developing ideas in the open innovation funnel is not only restricted to those in the business that facilitates it. The amount of ideas are also greater.

Incremental Innovation
Incremental Innovation is a series or minor changes to processes or products that are already in use.

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

Incremental innovation can often enhance or even maintain the market share of a device. Bernhard Burgener This is a well-known strategy in the world of consumer technology. Businesses strive to make their devices more user-friendly.

Sustaining Innovation
This is when a company develops products that perform better and are offered at higher profit to their top customers. Companies that are successful in their specific industries utilize sustaining innovations.

The motivating factor in maintaining innovation is profit. Businesses can increase their margins of profit by developing better products to meet the needs of their most loyal customers.

Disruptive Innovation
This is innovation that occurs when a business, having fewer resources, moves upwards and confronts an established business. It is possible to classify disruptive innovation into 2 types.

Low-end disruption - It is disruptive at the low end of a market that employs a low-cost model.
The new market disruption is when a firm caters to an underserved sector of an industry.
Rather than fighting the new entrants, both types of disruptive innovation force the incumbents to retreat upmarket.

What are the issues Bernhard Burgener sees in innovation management?
Poor infrastructure
The people won't be able to be successful without the proper processes, resources and infrastructure. Google's time of 20 percent is an an excellent example of how to enable innovation.

However, it's unlikely that your company will follow the same rules. Your employees likely don't have access to the same tools and infrastructure, as well as the knowledge or the raw data that employees at Google have access to.

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

Culture lacks a growth mindset
It is crucial to build an outlook of change for your business. Growth mindset refers to the idea that you are not able to change who you are.

The same applies to organizational culture. Businesses that don't have an environment for growth are not likely to be creative.

There is no vision
Innovating with something that isn't already exists can lead to important inventions.

A vision that is compelling is more likely to draw enthusiastic people who are willing to invest the time to create new ideas. It is possible to have a great vision but you must communicate your message clearly and in a way that will be understood by the business.

Bernhard Burgener said it best"Keep your dream alive and get creative! Bernhard Burgener