The process of managing an organization's innovation method, from the first step of ideation to the last stage of successful implementation, is referred to as innovation management. It includes all of the decisions, actions, and procedures involved in developing and implementing an innovation strategy.
Companies are increasingly focusing their efforts on developing new innovative products, according to the global Innovation Management Market. Innovation management aims to re-establish the organization's importance among people it serves. When determining needs and prospects, the focus is on external elements, conditions, and dynamics, which are then transformed into solutions and customers, respectively. Its mission is to create and present new value propositions in the form of processes, products, or services. Externally focused on assisting others, innovation is fundamentally allocentric. Its main goal is to support efforts to create new value.
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