Posts
Innovation management is a blend of strategic planning,
process innovation, and change management, also known as strategic innovation
planning. It focuses on the implementation of technology transformation
strategies, and the associated change management activities. Innovation
management is also the field of TC279 standards being developed by
international standard bodies. Innovation management involves planning,
organizing, managing, and operating the implementation of technology transformation
initiatives on a global scale. It is concerned with the creation of new
knowledge resources and the creation of new procedures and models for the
conduct of innovative activities.
The main aim of innovation management is to foster and
stimulate organizational change, which is primarily based on the principles of
open innovation and transparency, by building an organizational culture that is
capable of innovation activities and ideas to drive organizational growth. It
encompasses all the key processes that are necessary for the success of any
innovative idea, such as design conception to conceptualization to the
development to the implementation stage, and finally to the commercialization
of those ideas into innovative products and services. This involves the
different processes of discovery, development, testing, demonstration, and
regulation of novel processes. It also involves the training and the evaluation
of personnel involved in the various phases of these innovative activities and
systems. It also involves the monitoring of organizational culture and
practices of openness, integrity, responsibility, quality, and safety.
Market
Dynamics
The main factor driving the growth of the innovation
management market is organizations changing their workplace culture. The
real innovation begins with the company's culture of work. Utilizing the
innovation management tools, organizational managements can easily deploy and
trigger the workforce's creative capabilities and accelerate the company
development processes. For instance, in 2020, Innospec was awarded the first
position in “Best Innovation Contributor Beauty Care 2020” owing to its
outstanding support in helping Henket to introduce a shampoo powder in its
aimed time with its surfactant technology, Pureact. The rising need for product
differentiation is also expected to influence the growth of the innovation
management market positively.
However, the high cost and the risks related to data
security are the main restraining factors hindering the market growth.
This market is distributed in five regions that include
North America, Europe, Asia-Pacific, Middle East, and Africa, and Latin
America. Among these, North America is estimated to hold a bigger share of the
innovation management market owing to the interests of organizations towards
technological advancements, the rapid adoption of innovative technology, and
the prominence of domestic solution providers. The rising concerns related to
managing better efficiency of operational processes and business with minimal
expenditure are estimated to drive the research and development activities of
the region resulting in the creation of new opportunities for innovation
management there. For instance, according to UNESCO Institute for Statistics,
the U.S. R&D expenditure in 2019 was 2.7% of the net GDP, while R&D
expenditures in terms of PPP$ were approximately 340,728 million. The
innovation management market in Europe is estimated to witness significant
growth owing to the presence of key players in the region.
Competitive Analysis
Key companies operating in the global innovation management
market include Spigit, Inc., Qmarkets, SAP SE, Planbox, Inc., , Inno360, Inc.,
Innosabi GmbH, Imaginatik PLC, Hype Innovation, Ideascale, Inc., Exago Inc.,
CogniStreamer, Crowdicity Ltd., and Brightidea Incorporated,
In 2018, Regalix, a company owned by Silicon Valley allied
with Qmarkets to expand its product portfolio in South Asia. Likewise in 2019,
HYPE Innovation was acquired by Main Capital.
No comments:
Post a Comment