Framework of Innovation Management - MIT ID Innovation

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Framework of Innovation Management MITID
Innovation
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Before we proceed with the concept of innovation
management, we must understand the meaning of
innovation. The terms idea and invention are
often associated with innovation. If we look at
it from an economic point of view, innovation
comes from something new that proves beneficial
for society. The same applies in the case of an
organization.
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However, there is a difference between invention
and innovation. The invention is yet to be
exploited or used as a creative achievement
compared to innovation. Companies constantly use
the term 'management.' It represents the
coordination of tasks and activities to achieve
defined goals and purposes. So, innovation
management refers to the systematic promotion of
something new in organizations. That consists of
organization, task planning, control, and
management.
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• The framework of innovation management works to
  generate the following benefits
• New products and services for conquering markets.
• Improved products and services to give
  competition.
• Improvement of internal processes to save costs
  or strengthen the organization.
• Development of new business models.

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The Meaning of Innovation Framework
An innovation framework is a designed strategic
structure that enables organizations to
investigate ideas, analyze their strengths and
weaknesses, and make strategies. This helps them
turn ideas into opportunities that generate value
for the organization.
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This concept is significant as it helps us
understand the framework of innovation management.
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The Framework of Innovation Management
A common misconception about innovation is it is
a finished new product or service. However, a
small view of the concept often brings
limitations and complications to
innovation-building and idea-generating
processes. To avoid the same, organizations opt
for a framework of innovation management.
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Offering concentrates on what a new product or
service has to offer. We can divide this
framework into three categories - offering,
configuration, and experience. The configuration
model is about internal elements of innovation in
an organization. The experience category is all
about customer or client experience. An
innovative management framework is an assessment
tool that applies to all business innovations.
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Vital Elements of the Framework of Innovation
Management
You need to consider some core elements when
building a framework. Some of these are listed
below Profit model A profit model identifies
different and continual ways to improve the
profits and revenues of an organization. It is
vital to produce new and innovative profit models.
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Network This particular pointer talks about the
collaborative tactics of an organization.
Companies need to remain connected in the digital
era. So, they must collaborate and work together
for mutual interests and goals. It helps them
assess their skills and internal
capabilities. Structure This element deals with
the asset management of organizations. It
includes tangible and intangible assets and comes
under incentives, IP, brands, resources, etc.
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Process The process focuses on the efficiency
and effectiveness of the internal business
workings. It helps create an exceptional
reduction in costs and create opportunities for
new products or services. Product
performance This element deals with
product-and-process innovation. You can call it a
popular interpretation of innovation as it helps
improve the capabilities and performance of a
product or service.
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The framework of innovation management is
significant for all organizations. It helps them
create better ideas and strategies when launching
their products and services. Moreover, the same
framework also proves vital when working on
restructuring the existing products and services.
So, every organization must follow the elements
of this framework to succeed in the long run.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Innovation Management Courses.
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