Bernhard Burgener talks about the importance and benefits of innovation management.

Companies today must encourage innovation via innovation management to stay relevant for the long haul.

Bernhard Burgener a successful entrepreneur and businessman believes that innovation is the only way to win the world of business. To stay effective in the long run, innovation is key to keep current with the changing demands of the market.

Read on and see the ways you can incorporate the management of innovation within your company in a better way.

What exactly does innovation management mean?
There is a lot of debate on innovation management. Innovation management implies that it is not manageable.

Many are committed to developing processes and systems to enhance innovation. Like you would expect, the reality isn't quite as straightforward as this.

First, let's take a moment to comprehend what it means to be innovative. Bernhard Burgener Merriam-Webster defines innovation to be "inventing something completely new." However it's not the same thing as inventing a product.

"Innovation management" thus refers to handling all of the tasks required to "introduce something new." The method involves inventing concepts, prioritizing them and implementing them, e.g. when launching the product or creating new internal processes.

There are different types of innovation. This is what the definition states. This is the main of the many disagreements about innovation.

A lot of people use the term "generic" to refer to subsets of innovation. And even then, strictly from the point-of-view of their company and the experience.

Four key pillars for innovation management from Bernhard Burgener
Bernhard Burgener learned the best method of understanding this topic through his own experience. This is accomplished by breaking down the topic and discussing every element of innovation separately.

Here is the primary principle Bernhard Burgener said you should concentrate on:

Competency
Competency refers to an organization's capability and capacity to innovate.

Innovations require teams and individuals to to collaborate, however the competency component is focused primarily on people. It is all about the capabilities, knowledge and skills that are utilized by employees in an organisation.

Managers require innovative leadership.

The model also takes into account the organization's information capital as well as tacit knowledge and other financial capital and resources. Each of these may be required to bring about innovation.

Structure
Structures are able to maximize the use of capabilities. Capabilities permit the use of structures. In reality this is the case with an organization's organizational structure.

The exemplary structures can work as a force multiplier allowing the organization to operate and innovate more effectively.

Without the proper communications channels, decision making processes and infrastructure to implement the ideas, they are not likely to be successful. That's where software such innovation management software can be beneficial.

Bernhard Burgener Culture
A company's culture can allow it to gain the abilities of its employees when it has the appropriate structures in place to achieve this.

Bernhard Burgener It is easier for businesses to attract and retain the best employees with a culture that encourages innovation.

A positive, innovative culture promotes good behavior and discourages people who aren't. The culture of an organization can greatly impact its innovativeness because its impacts can quickly build up. These are the qualities that constitute an creative culture.

It is essential to continuously enhance.
The most valued qualities are speed, understanding, and experimentation.
Accepting failure is part of creative growth
It allows for sufficient freedom and accountability. Leaders are guided by vision and culture and not by an approach of chain of command.
Strategy
In simple terms, strategy is a company's strategy to achieve long-term growth.

It is important to recognize that strategy requires making deliberate decisions. These decisions need to be made between many possible choices to make sure you are given the greatest chance of "winning." This decision must not be taken as an independent decision from the implementation.

Innovation and strategy are closely linked subjects. Innovation is just one of the ways to reach your strategic goals.

Bernhard Burgener discusses the various types of innovation which require different management styles
Open Innovation
It is based on the conviction that there are intelligent, creative individuals who are able to contribute to the goals of the organization's strategic plan. They also have the ability to be able to share intellectual property, which could be beneficial to diverse parties.

The more information more information you have, the better your final decision. Bernhard Burgener The open innovation funnel to the right allows anyone to participate in the development process. Bernhard Burgener The amount of ideas are also greater.

Incremental Innovation
Incremental Innovation is a sequence of major or minor improvements of existing processes or products.

Intense innovation focuses on making products efficient, productive, and differentiateable.

https://www.transfermarkt.ch/bernhard-burgener/profil/trainer/53291 Incremental innovation often helps to enhance or sustain a product's position in the market. It's become a typical strategy in consumer tech in the process of helping companies improve their personal devices and to offer customers more appealing features.

Sustaining Innovation
It's when a firm creates products that are more efficient in order to earn more money for its most valuable customers. Typically, sustaining innovation is an approach that successful companies in their fields employ.

Profit is the main driver for the process of innovation. Profit margins could be improved by offering better products to customers.

Disruptive Innovation
This innovation occurs when a company with fewer resources is able to move upmarket and challenge the established company. It is possible to categorize disruptive innovation into two kinds:

Low-end disruption This is disruptive activity that occurs at the bottom of a market that uses a low-cost model.
Market disruption A business can develop or establish a new segment by catering to an untapped market.
Both types are disruptive and force incumbents downmarket, rather than battling the new competitor.

What are the biggest challenges Bernhard Burgener sees in innovation management?
Poor infrastructure
The people won't be able to have an impact without the proper processes, resources and infrastructure. Google's 20% initiative for innovation is a good example.

However, even should the policy be implemented in your workplace, it would be less effective. Your employees may not have access to the tools or infrastructure, know-how, or raw data employees at Google do.

Managers need to provide the right resources and capabilities to their teams for them to succeed.

Culture lacks a growth mindset
It is crucial to create a mindset of growth for your company. The notion that you are not fixed and something that you can change is a sign of a growth mentality.

The same is true for the culture of an organization. A culture that promotes the growth of an organization is essential for innovation in an company.

No vision
The process of inventing something that currently in use is often a source of important inventions.

A clear vision more likely attracts passionate people willing to do extra work to create innovative solutions. You can have a brilliant vision but you must communicate it clearly and in a way that will be understood by the business.

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