Innovation has become a vital factor in the growth of businesses worldwide. In the increasingly competitive and rapidly changing business world, organizations that do not innovate are at risk of becoming irrelevant. Innovation management is the process that drives the creation of new technologies, products, services, and strategies within an organization. Here are some key principles and tools that can help businesses succeed in innovation management.
Key Principles of Innovation Management:
1. Focus on the customer – Innovation should not be conducted in a vacuum. By focusing on customer needs and wants, organizations can create products, services, and strategies …