Managing Innovation

Managing Innovation

Managing Innovation

21st century is characterized by increasing change and innovation and organizations that do not adapt to this progressively dynamic and innovative environment are feared to suffer in near future, not only in terms of organizational performance but financial performance as well. Innovation is not a constant element for all organizations across diverse industries rather it goes in tandem with the customers any organization or industry serves, the product or services any organization or industry offers and so forth. This makes the whole process of implementation of change and innovation and its subsequent management significantly critical requiring due diligence on part of the organization, management and the employees.

Innovation

Innovation in the context of any organization is a product of the clock speed that characterizes the industry in which that particular organization operates in. In addition to that, innovation diffusion is one of the most important factors that is important to be highlighted in understanding the context remaining within which one organization successfully treads the ladder of innovation while other organization fails to even maintain; manage, the innovation they implemented earlier. Innovation diffusion is the ability of the organization to embrace innovative advancements and undertake strategies that will eventually lead to innovative outcomes that are adaptable for its customers, in terms of penetrating in the marketplace at a rate and pattern that does not intimidate the client base or customers for whom the organization works for.

Innovation Diffusion

Innovation primarily emanates from the technological as well as social factors and an organization needs to be aligned with that such that it can keep track of how consumer adaptable innovation and changes could be introduced in its products and services. Thus forecasting it to as highest accuracy as possible is one of the prime factors that differentiate the organizations who are more innovative than other, and those who fail to maintain their innovativeness and those who succeed in it (Shehabuddeen, 2007). Innovation diffusion is attached with the overall innovation pipeline in that it highlights the threats the company will be facing in releasing its innovative products from fast followers as well as late-imitators, the resources that will be needed to continue with the effective management of the innovation in addition to hinting towards the rate of revenue generation. Thus if innovation diffusion is not forecasted, the major backlog could occur in the fulfillment of the demand of the customers, whilst it ...