Innovation management is increasingly vital for business growth, with 84% of executives relying on it, driven by the need for collaboration, ideation, and effective implementation of new ideas. Key elements include promoting diversity in discussions, running idea campaigns, maintaining transparency, and recognizing employee contributions to foster a positive innovative environment. Institutions like MIT ID Innovation provide education and resources to develop skills necessary for leading in an evolving business landscape.

1. What are The Key
Elements of Innovation
Management
MITID Innovation

2. Today innovation is becoming a part of most
searched topics around the world. Talking
about innovation management, then
innovation is also becoming an important part
of business growth. Looking at the Accenture
2015 US Innovation's survey, it was observed
that 84% of executives are dependent on
innovation for their business's growth. Many
companies around the world have started
adopting innovation in their business because:

3. It enhances the company's growth.
It keeps Organizations Relevant.
It reflects the organization's uniqueness.
In business, Innovation management is
basically defined as the procedure of
designing and introducing a new concept
to develop the business. The simplest way
to understand this term can be possible by
focusing on its key elements, and they
are:

4. Collaboration is an essential term, and it
holds maximum weightage in Innovation
Management. Collaboration involves a
group activity that leads to community
development. In this competitive world, it is
important to come up with various solutions
for a problem to solve problem in an
efficient manner.
Collaboration

5. Coming up with unique and fresh ideas is a
highly important feature of innovation
management because it helps an
organization to stand apart from ordinary
companies.
Ideation

6. In an Organization, intelligent people must
be present who can implement the ideas to
make the company's progress move
forward. Implementation is an important
part of thinking innovation which mostly
helps in the emergency times for an
organization to make the right decision at
that time.
Implementation

7. If the organization's products are not
receiving the value they deserve, then
innovation is highly missing in that
company. To bring value to the services, it
is highly important for an organization to
propose innovation and new ideas to add
values to their creations.
Value Creation

8. Successful innovation seems a difficult task
in the business field, but in simple words,
for an organization, successful innovation
management can be defined in terms of
how effective that product is, how much
beneficial it is for the world and many more.
Here are the best ways suggesting how to
begin innovation management at a
workplace:

9. Involve Everyone at discussion time: To
introduce an organization with innovation
management, it is highly important to make
everyone part of the discussion. Involving
every person will promote diverse ideas.
Run Idea Campaigns: Running idea
campaigns are highly important, it helps in
improving employees' productivity, and it
also improves the innovation approach to
guide the business towards success.

10. Transparency: To keep everything
transparent regarding the organization is an
essential key to create an art of innovation.
Rewards and Recognitions: Rewarding
employees draw an encouraging image
inside the employees' mind. The rewards
and recognition system helps produce a
positive environment that automatically
encourages employees to drive towards an
innovative direction to make business rise.

11. Innovation is changing the world
exponentially towards the graph of success.
With the increase of innovation, productivity,
as well as economy both, are increasing
proportionally. Innovation is an art that can
be learned and gained only if one has a
good vision for the business environment.

12. The right institution can help you by
mentoring you in the right direction so as to
make you understand the dynamic business
environment. Among some top premium
institutes are MIT ID Innovation, with a
proven track record of excellence. If you
also want to become tomorrow's leader,
then MIT ID Innovation is the right place to
impart thinking innovation skills.

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
Rajbaug,, Loni-Kalbhor, Pune-412201
innovation@mitid.edu.in
+91-7038982225 / +91 9834092369