innovation management involves the process of managing an organization’s innovation procedure, starting at the initial stage of ideation, to its final stage of successful implementation. It encompasses the decisions, activities and practices of devising and implementing an innovationstrategy.
According to Gartner, an IT research and consultancy company, it is a business discipline that aims to drive a sustainable innovation process or culture within an organization. Oftentimes, these innovation, initiatives utilize a disruptive method of change to transform business. In the age of digital transformation, organizations are faced with the need to innovate more and innovate quickly. It drives business growth and helps organizations stay ahead of their competitors. Innovationmanagement helps in generating new business models and creates new products, services and technologies designed for the changing market. It also boosts customer satisfaction and employee engagement.Organizations today are leveraging collaborative technology like social networking to get feedback, which helps in generating a steady stream of ideas from stakeholders both within and outside the company.