Why is innovation management important for a company's success?

MSc Innovation Management and Entrepreneurship

To stay in business, companies must stay competitive

After all, even companies in niche markets can be faced with changing customer needs, new rivals, and other external factors beyond their control.

The most productive organisations stay competitive by utilising innovation in a focused, efficient manner. Both creativity and direction are vital in helping them thrive.

Without the two, companies may struggle to establish new or improved processes to develop internally – which in turn could hurt their attempts to launch successful products or services. This brings us to the topic at hand: innovation management.

What is innovation management?

Put simply, innovation management is the process of bringing ideas to reality in the workplace.

Innovation management oversees every stage of an idea’s development, from when it’s first introduced up to its implementation or market release.

As a graduate of our online, part-time MSc Innovation Management and Entrepreneurship course, you’ll have the skills needed to not only pursue and encourage innovation within a company but also ensure that the right resources and systems are in place so that the best ideas can be brought to life.

This holistic approach means organisations benefit from innovation management in multiple ways:

Teams are given a framework to succeed

As touched upon above, innovation management involves creating a structured strategy or system to come up with ideas and bring them to market.

This allows companies to create effective frameworks for their employees to work within, which can help reduce inconsistencies and confusion. Customer needs can be met more quickly, with coordination across teams being improved as well.

Plus, once these frameworks are established, business leaders benefit from having a clearer understanding of how much time, money, and other resources need to go into such systems for them to run smoothly or produce more output.

Organisations tap into their full potential

Innovation management also acknowledges the strengths that every employee brings to the process of innovating.

For example, individuals in upper management might not be as familiar with the challenges of certain markets when compared to middle- or entry-level employees. Similarly, mid-level staff might understand internal logistical issues better than employees with different responsibilities.

Employers who understand that innovation can – and does – happen at every level of their organisation will use innovation management to foster an environment that encourages collaboration and communication.

Employee engagement and job satisfaction improves

Of course, while most companies will say that they value employees with useful ideas, keeping employees motivated so that they continue to contribute requires thought and preparation.

The organisation and visibility that innovation management brings to teams across organisations can greatly improve morale and help employees feel more appreciated. Staff can then see the impact of their role in a company’s success, which in turn can increase productivity and loyalty.

This can benefit the hiring process as well, as a positive work culture can lead to better company reviews and more recommendations, which builds brand perception.

If you’d like to develop the abilities needed to take on innovation management in your organisation, our online, part-time MSc in Innovation Management and Entrepreneurship is an excellent choice. Earn your degree over two years, on a schedule that works for you. Study while furthering your career, and apply your learnings to your organisation as you progress.


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