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Innovation management is a combination of the management of innovation processes, and change management. It refers to product , business process , marketing and organizational innovation. Innovation management is the subject of ISO 56000 (formerly 50500) [ 1 ] series standards being developed by ISO TC 279 .
Innovation management measurement helps companies in understanding the current status of their innovation capabilities and practices. Throughout this control areas of strength and weakness are identified and the organizations get a clue where they have to concentrate on to maximize the future success of their innovation procedures.
The framework of values-based innovation management elaborates upon the Integrated Management Concept [20] to differentiate between three particular dimensions of management, namely normative, strategic, and instrumental. Values impact innovation management on each of these dimensions and can lead to different types of values-based innovation.
Thomas Edison with phonograph in the late 1870s. Edison was one of the most prolific inventors in history, holding 1,093 U.S. patents in his name.. Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. [1]
The Plan-Do-Check-Act Cycle, created by W. Edwards Deming, is a management method to improve business method for control and continuous improvement of choosing which changes to implement. When determining which of the latest techniques or innovations to adopt, there are four major factors to be considered:
Business model innovation types [62] When an organisation creates a new business model, the process is called business model innovation. [63] [64] There is a range of reviews on the topic, [62] [65] [66] The concept facilitates the analysis and planning of transformations from one business model to another. [66]
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