The Framework of Innovation Management is significant for all organizations. It helps them create better ideas and strategies when launching their products and services. For more details, visit : https://mitidinnovation.com/recreation/framework-of-innovation-management/

1. Framework of Innovation
Management
MITID Innovation

2. Before we proceed with the concept of
innovation management, we must
understand the meaning of innovation.
The terms idea and invention are often
associated with innovation. If we look at it
from an economic point of view,
innovation comes from something new
that proves beneficial for society. The
same applies in the case of an
organization.

3. However, there is a difference between
invention and innovation. The invention is yet
to be exploited or used as a creative
achievement compared to innovation.
Companies constantly use the term
'management.' It represents the coordination
of tasks and activities to achieve defined goals
and purposes. So, innovation management
refers to the systematic promotion of
something new in organizations. That consists
of organization, task planning, control, and
management.

4. The framework of innovation management
works to generate the following benefits:
• New products and services for conquering
markets.
• Improved products and services to give
competition.
• Improvement of internal processes to save
costs or strengthen the organization.
• Development of new business models.

5. An innovation framework is a designed
strategic structure that enables
organizations to investigate ideas, analyze
their strengths and weaknesses, and make
strategies. This helps them turn ideas into
opportunities that generate value for the
organization.
The Meaning of Innovation
Framework

6. This concept is significant as it helps us
understand the framework of innovation
management.

7. A common misconception about
innovation is it is a finished new product
or service. However, a small view of the
concept often brings limitations and
complications to innovation-building and
idea-generating processes.
To avoid the same, organizations opt for a
framework of innovation management.
The Framework of Innovation
Management

8. Offering concentrates on what a new product
or service has to offer. We can divide this
framework into three categories - offering,
configuration, and experience. The
configuration model is about internal
elements of innovation in an organization.
The experience category is all about
customer or client experience.
An innovative management framework is an
assessment tool that applies to all business
innovations.

9. You need to consider some core elements
when building a framework. Some of these
are listed below:
Profit model: A profit model identifies
different and continual ways to improve the
profits and revenues of an organization. It is
vital to produce new and innovative profit
models.
Vital Elements of the Framework
of Innovation Management

10. Network: This particular pointer talks about
the collaborative tactics of an organization.
Companies need to remain connected in the
digital era. So, they must collaborate and
work together for mutual interests and goals.
It helps them assess their skills and internal
capabilities.
Structure: This element deals with the asset
management of organizations. It includes
tangible and intangible assets and comes
under incentives, IP, brands, resources, etc.

11. Process: The process focuses on the
efficiency and effectiveness of the internal
business workings. It helps create an
exceptional reduction in costs and create
opportunities for new products or services.
Product performance: This element
deals with product-and-process
innovation. You can call it a popular
interpretation of innovation as it helps
improve the capabilities and performance
of a product or service.

12. The framework of innovation management
is significant for all organizations. It helps
them create better ideas and strategies
when launching their products and
services. Moreover, the same framework
also proves vital when working on
restructuring the existing products and
services. So, every organization must
follow the elements of this framework to
succeed in the long run.

13. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Innovation Management
Courses.
Conclusion

14. We’d love to
hear
from you.
MIT INSTITUTE OF DESIGN
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innovation@mitid.edu.in
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