Institute Of Management Sciences, Peshawar NISAR AFRIDI FAISAL IQBAL YAHYA KHAN
INNOVATION Innovation is the creation of better or more effective products, processes, services, technology, or ideas
WHY IS INNOVATION IMPORTANTFor business growth/ survival.To penetrate into market and get market shares. To get maximum profit.To lead the market.
EXAMPLES Order Books Online Introduces GSM Technology
For getting good quality innovativeoutput an organization have tomaintain a suitable environment,provide finances and H.R to researchand development. And these allarrangement are done by INNOVATION MANAGEMENT
Objectives• To increase the awareness about the importance of creativity and innovation in organization• To carry out innovation works in an organization in an effective way• To use each and every person of the organization for carrying out innovation work.
HOW I.M CARRY OUT THEIR WORK• Market Pull – looking for the best way of satisfying a newly emerging customer demand – improvement of the existing products, extension of the existing offer or decrease of price – impulses for continuous, incremental innovations or for process innovations• R & D Push – looking for commercial use of new impulses resulting from the R&D results – generating of new markets for conceptually different products
HOW IS INNOVATION MANAGEMENT UNIQUEThe remarkable difference between thetraditional management of innovation andinnovation management is that it breaksthrough the past framework of innovationconfined only in R&D department. And nowthey are focusing on every employ forinnovation work.
VISION OF INNOVATION MANAGEMENT “NOW EVERYONE CAN INNOVATE” “EVERYONE IS INNOVATOR”“INNOVATE BY EVERYONE AT EVERYWHERE, ON EVERYTHING AND AT ANYTIME”
Why We Need Innovation Management?• More and more enterprises find that innovation is becoming the critical source and driver for enterprise’s survival and development.• The paradigm of IM provides a basis for an upgraded, a more unified and better view of innovation management.• It’s not enough to focus on technological context of innovation, some non-technological factors, such as the organizational structure, cultural characteristics, market, innovation strategy, and management style may also have an important influence on innovation performance.
INTERNAL SOURCES OF INNOVATION MANAGEMENT• Own R&D• Technical divisions – design, technology• Production divisions (production, provision of services)• Marketing and sales• Logistics• Guarantee and post-guarantee service• Owners
EXTERNAL SOURCES FOR IINOVATION MANAGEMENT• Customers • Advertising agencies• Suppliers • Investors• Competitors • Media• Consultants, R&D • Authorized testing institutions laboratories,• Schools, universities certification agencies• Professional • State institutions, public publications, Internet sector• Exhibitions, fairs, • Legislation specialized seminars • Globalization and conferences