Written By: Dr. Kandice Smith
Business Instructor | Aston American University
To be competitive in a market, it is important for businesses to be creative and innovative. Creativity involves using the imagination to create an idea that produces a product. And innovation is defined as a new process of creating a method, idea, or product. Existing trends in innovation management impact future trends because companies must appropriately analyze and manage those innovations to remain competitive and successful. Therefore, it is important for those companies to identify its best innovative strategies in different competitive markets.
The decision to pursue an innovative idea can result in success, but it can also result in the decrease of revenue or customer satisfaction. Therefore, futurists and innovators within companies must work together to analyze existing trends to predict the future success of the company. Studying these trends would help limit the risk of investing in the wrong types of innovations that could cause a company to lose revenue and customers.
Learning innovation management from past trends of other companies can also provide useful information. Analyzing the results achieved by other companies such as Amazon or Google can help build a framework for a strategic plan to add innovation as part of a long-term objective for success. To determine how to manage innovations, companies should use a platform to measure its standards, progress, and results.
As new ideas are created, it is not guaranteed that they will be accepted immediately by managers in a company. It is important for employees to promote innovation so that when new ideas are suggested, they are received with less resistance because the evolution of innovation management has resulted in the emergence of newer products and technologies – adding to success.
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