WHAT IS INNOVATION MANAGEMENT?

The process of planning and implementing innovation into a company is known as innovation
management. It's a management method for producing successful innovations, which frequently
includes a "creative" component. Innovation management can also be defined as a change
management approach that includes wanting to build an innovative culture and encouraging
teams to be open-minded and creative. The process of attaining the best results from innovation
by spotting and using chances to innovate is also known as innovation management.
Additionally, innovation management is the process of directing and developing ideas in order to
create something new and improved.
Some people believe that innovation is a mysterious issue that occurs at random in the form of a
series of "light bulb" moments. Others believe that putting a lot of money into a room full of
scientists, microscopes, and whiteboards and then standing back will result in creativity.A few
companies believe that innovation isn't necessary at all, and instead focus on cost cutting. They
then get a rude awakening when their clients abandon them in favor of innovative competitors
who can better service their demands.