INNOVATION MANAGEMENT .docx

MEANING OF INNOVATION Every organization, irrespective of size or type experiences innovation in one way or the other, be it hospitals, universities, or even local governments. Innovation is the processes that involve: identifying customer needs, macro and micro trends, developing competences, and...

MEANING OF INNOVATION Every organization, irrespective of size or type experiences innovation in one way or the other, be it hospitals, universities, or even local governments. Innovation is the processes that involve: identifying customer needs, macro and micro trends, developing competences, and finding financial support for new inventions and application of those inventions for better solutions. It simply refers to new idea, creative thoughts, and new imaginations in form of device, method or technique. It is the application of better solutions that meet new requirements, needs, or existing market needs and it comes in form of the provision of more-effective products, processes, services, technologies, or business models that are made available to markets, governments and society. The term \"innovation\" can be defined as something original and more effective that \"breaks into\" the market or society. Innovation management on the other hand is defined as the process of generating, developing, and implementing new ideas, products, services, or processes that result in organizational value addition. For businesses, innovation management serves as a key driver of competitive advantage. Innovation management consist of various activities and stages, such as [ideation](https://ideascale.com/blog/what-is-ideation/), idea evaluation and selection, development and prototyping, commercialization, and continuous improvement. It has to do with the establishment of processes, structures, strategies and environment that supports innovation and as well drive innovation initiatives