innovation-management

Vocabulary Word

Definition

'Innovation management' is a systematic approach to generating, capturing, discussing, improving and implementing new ideas to create value for an organization or society.

Examples in Different Contexts

In business strategy, 'innovation management' involves the systematic process of introducing new ideas and improvements. A strategy consultant might say, 'Effective innovation management is key to sustaining competitive advantage in rapidly changing markets.'

Practice Scenarios

Design

Scenario:

Our designs are beginning to look quite similar. It's time we infused some novelty into our portfolio.

Response:

That's a good point. Our innovation management process will help get fresh and unique designs.

Tech

Scenario:

Our app's user interface could use a little revamping. How about we brainstorm some fresh solutions?

Response:

Yes, an improved user interface can add great value. Count on my innovation management skills for this.