Glossary
Innovation management
Innovation management describes a structured approach to managing innovation with defined processes, KPIs and governance structures to support it.
Definition
Innovation management describes a structured approach to managing innovation with defined processes, KPIs and governance structures to support it.
Companies that are serious about their innovation efforts will have defined processes for managing innovation, typically in the form of a pipeline perspective of their innovation efforts.
Decision gates are defined along the innovation pipeline to evaluate ideas and projects at various stages and dedicate resources to moving these ideas and projects forward or closing them down if they are not successful.
An innovation manager will follow up continuously to see if ideas and projects move ahead as planned and if the proper distribution of ideas is in place to meet strategic goals.
Innovation management is thus less about creating "databases of ideas" and more about making sure ideas and projects progress and resources are used wisely.