Many reports and articles continue to be published on innovation management. However, improving performance of a company is still a real challenge for managers because the latest techniques for managing innovation will not, on their own, be enough. Managers need to address a broad range of factors in managing innovation, from stimulating the ideas through to implementing the best ones.
This chapter showed that there are five main dimensions of innovation – product, service, process, business process, and business model innovation. Companies need to identify which dimensions are important for them. Similarly, innovation has different degrees. It consists of incremental improvements to existing products and services, which many companies focus on. However, breakthrough and radical innovation give the greater opportunity for growth, as they address unique needs and open adjacent and new markets.
Extensive research has shown that innovation management is complex and multifaceted. Its scope is wide, ranging from business strategy, managing technology and new product development, to organization and people management. Based on this, the Pentathlon Framework is a tool for managing innovation. This book aims to identify the ways in which an organization can improve both its innovation performance (its output of new products, services and so on) and its innovation capability (an organization’s ability to manage innovation effectively).
Interview with Dipali Sikand
Determine the intended role of innovation in your organization – your innovation ambition –and clearly communicate this to employees.
Consider how innovation can be enhanced from contributions throughout the organization.
Use the Pentathlon Framework to pinpoint the areas of innovation management that yourorganization needs to improve.
From the analysis using the Pentathlon Framework, identify how your organization can builda capability for breakthrough and radical innovation.