Innovation Management IM
Innovation management (IM) is the management of innovation processes. It refers both to product, service, social and organizational innovation.
Innovation management includes a set of tools that allow managers and engineers to cooperate with a common understanding of processes and goals. Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, processes or products.  It is not relegated to R&D and inside the organization. IM involves workers at every level in contributing creatively to a company’s product development, manufacturing and marketing. IM interacts more and more with stakeholders, suppliers and customers. IM covers nowadays open innovations and crowdsourcing. It utilizes social media (SOME) tools like facebook, twitter, Instagram, YouTube, bloggers and variety of professional interactive tools.
By utilizing innovation management tools, management can trigger and deploy the creative capabilities of the staff and customers for the continuous development of a company. Professional tools include brainstorming, virtual prototyping, product lifecycle management, idea management, TRIZ, Phase–gate model, project management, product line planning and portfolio management.
1. Kelly, P. and Kranzburg M. (1978). Technological Innovation: A Critical Review of Current Knowledge. San Francisco: San Francisco Press.
Innovation Portal from Wiley