INNOVATION MANAGEMENT

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 Revolutionizing Success: Unleashing the Power of
Innovation Management

Innovation management is quite essential area for any of the associations, as it interests
enforcing new ideas from idea years to evaluation, expansion, and deployment. Effective
innovation management can conduct reasonable time management, more efficacious use of
resources, and strategic alignment (as influenced by Haefner et al., 2021, p.162). Recent
developments and research have stated that Accenture has utilized a well-defined innovation
strategy experience, which revealed more than 37% higher revenue growth in the previous year
(Appio et al., 2021, p.15). On the other hand, it can see that Deloitte is one of the largest
companies that is achieving strategic objectives by aligning their business goals (data extracted
from BBC.com, 2023). Google lets its employees spend 20% of their work time on their projects.
This has resulted in meaningful products like Gmail and Google Maps.
By looking at important features, organizations can see how well they are doing at managing
new ideas and changes. One of the first things to look at from a statistical point of view is how
many projects the program has finished successfully. Innovation management can create multiple
benefits by using data and evidence. The utilization of big data analysis has assisted in justifying

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 informed decision approaches
and much more as an agile
innovation procedure (as
influenced by Mikalef, and
Krogstie, 2020, p.265). In
addition, it is important to see
how the innovation program has
affected how productive,
engaged, and happy the employees are. Innovation management software assisted in structuring
big data by automatic Idea generation procedure.
Furthermore, businesses can collect and monitor every idea, assess the expenses and advantages
of each suggestion, and study how each idea was carried out to determine if it was effective or
not. The success of innovation management efforts can also use real-time data management to
track the number of generated projects (Barauskaite, and Streimikiene, 2021, p.280). They have
not made official numbers to measure success yet, but every invention can still measure.
Innovation can measured in different ways, such as how often it happens, how it compares to
other things, and through new and improved products. A clear roadmap of innovation
management must need to connect timely and move both horizontally and vertically. To
summarize the road map of innovation it is necessary to create the link between top-level
organizations where the vision and strategy have created for activities to happen. Evaluating how
well a company is doing at coming up with new ideas and deciding on a plan for the future can
be hard, but businesses need to check how good their current innovation strategy is.

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 Figure: Shaping the future of multiple companies through innovation management
(Source: https://kpmg.com/xx/en/blogs/home/posts/2023/07/innovating-innovation-with-
generative-ai.html)
The Mack Institute is working hard to create better ways to measure innovation. In this modern
world, driving global ideas with the usage of GenAI will create positive changes for innovation
management. As a portion of the ITONICS Innovation Operating System, smart Ideas and uses
of AI will be able to design and launch global Idea campaigns. On the other hand, KPMG
developed a “Global Generative AI Innovation Challenge'' that aimed to analyze the working
procedure for GenAI improvement
and opportunity (Itonics-
innovation.com, 2024). KPMG also
aimed to open different challenges
by taking part in global contests for
fostering collaboration and
exchange of knowledge. KPMG
Illuminate was introduced in the
year 2022 and they are trying to
enhance innovation and drive growth in a systematic way. Effectively it has created a positive
channel for collective creativity and diverse network growth for innovators (as suggested by the
authors Di Vaio et al., 2021, p.225).

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Innovation management also creates different challenges and issues that can significantly create
a negative impact on organizational culture. Organizations may face issues in fostering
collaboration among their employees and partners to drive the culture of innovation (Wetzels,
2021, p.247). An empowered innovation team in a culture of creativity can assemble different
kinds of problems. This lack of empowerment can destroy the generation of new ideas and
decrease the implementation of innovation and solutions.
Encouraging open communication and collaboration among employees is considered one of the
effective strategies that can assist in overcoming innovation management issues. On the other
hand, Haefner et al. (2021), have recommended that by offering back for innovation initiatives
promotes accountability and empowers employees' innovation. Uses of modern technology and
updated software helps to connect workflow and increase the rate of success in innovative
project management.

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References
Appio, F.P., Frattini, F., Petruzzelli, A.M. and Neirotti, P. (2021). Digital Transformation and
Innovation Management: A Synthesis of Existing Research and an Agenda for Future Studies.
Journal of Product Innovation Management, 38(1), pp.4–20.
doi:https://doi.org/10.1111/jpim.12562.

Barauskaite, G. and Streimikiene, D. (2021). Corporate social responsibility and financial

performance of companies: The puzzle of concepts, definitions and assessment methods.
Corporate Social Responsibility and Environmental Management, [online] 28(1), pp.278–287.
doi:https://doi.org/10.1002/csr.2048.

Deloitte: Belfast jobs at risk as firm to make redundancies. (2023). www.bbc.com. [online] 14
Sep. Available at: https://www.bbc.com/news/uk-northern-ireland-66809386 [Accessed 22 Jan.
2024].

Di Vaio, A., Palladino, R., Pezzi, A. and Kalisz, D.E. (2021). The role of digital innovation in
knowledge management systems: A systematic literature review. Journal of Business Research,
123(1), pp.220–231. doi:https://doi.org/10.1016/j.jbusres.2020.09.042.

GmbH, I. (2024). Innovation Management - Software & Agile Strategy | ITONICS Innovation.
[online] www.itonics-innovation.com. Available at: https://www.itonics-innovation.com/
[Accessed 22 Jan. 2024].

Haefner, N., Wincent, J., Parida, V. and Gassmann, O. (2021). Artificial Intelligence and
Innovation management: A review, framework, and research agenda. Technological Forecasting
and Social Change, [online] 162(120392). doi:https://doi.org/10.1016/j.techfore.2020.120392.

Mikalef, P. and Krogstie, J. (2020). Examining the interplay between big data analytics and
contextual factors in driving process innovation capabilities. European Journal of Information
Systems, 29(3), pp.260–287. doi:https://doi.org/10.1080/0960085x.2020.1740618.

Nieminen, J. (2018). Innovation Management – The Complete Guide. [online] Viima.com.

Available at: https://www.viima.com/blog/innovation-management.

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Wetzels, M. (2021). The road ahead is digital for innovation management and there is no way
back. Journal of Product Innovation Management, 38(2), pp.245–247.
doi:https://doi.org/10.1111/jpim.12571.

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