- Reduction of product development times
- Setup of a “custom-made” innovation management
- Coordination of marketing and R&D
- Enhancement of selection efficiency
- Introduction of a 2nd generation ideas management
The increasing dynamics of national as well as international markets places growing demands on companies in terms of flexibility. New products and services have to be developed and put on the market in permanently shortening intervals. The capacity for a quick and targeted creation of new products, procedures and services has become a major factor in the general evolution of an enterprise. This especially applies to the utilization of new technologies. Hence, a successful innovation management is now one of the core tasks of corporate management.
The setup of an effective innovation management requires more than the mere application of classical business management tools to novel products. In fact, innovation management has to be specially adapted to the individual corporate situation. Innovation management accompanies the entire innovation process from the very first idea to the eventual market launch. It comprises the initiative, process support and framing of innovations. The elements listed above can be seen as exemplary of the scope of innovation management.