Innovation is the invention, development and, above all, the practical implementation of an innovation. This can be a new form of production, technology, organization, process or a new field of application. However, innovations predominantly result from novel combinations of techniques, structures and processes that are known in principle.
The aim of innovation management is to build and maintain competitive advantages through the use of innovations. To this end, it observes trends, identifies future-oriented technologies, evaluates them for suitability for the industry, initiates technology transfer and puts the project into series production.
Innovation research today suggests that we should focus more on implementing a company's own potential; this can lead to competitive advantages based on truly unique selling points.
However, random flashes of inspiration are not enough; strategic innovation management is required.
See also:
Know-how; benchmarking; human capital; continuing education; knowledge management; change management; re-engineering; intelligent factory; risk management; process management; open innovation
Reference to QET guidelines:
Q06 Change Management; Q13 Succession; Q15 Processes; Q19 Risk Management; Q18 Innovation; Q20 CIP; T13 ICT