Innovation management

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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) series standards being developed by ISO TC 279.

Innovation management includes a set of tools that allow managers plus workers or users to cooperate with a common understanding of processes and goals. Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, processes or products. It is not relegated to research and development; it involves workers or users at every level in contributing creatively to an organization's product or service development and marketing.

By using innovation management tools, management can trigger and deploy the creative capabilities of the work force for the continuous development of an organization. Common tools include brainstorming, prototyping, product lifecycle management, idea management, design thinking, TRIZ, Phase–gate model, project management, product line planning and portfolio management. The process integrates organization, technology and market by conducting and iterating on activities including search, select, implement, and capture.

The product lifecycle of products or services is getting shorter because of increased competition and quicker time-to-market, forcing organisations to reduce their time-to-market. Innovation managers must therefore decrease development time, without sacrificing quality, and while meeting the needs of the market.