Managing technology & innovation in the fast-changing world
17 February 2022
Companies struggling for consumer attention are looking for fresh ideas to develop innovative products. They build businesses taking into consideration the new trends, change the management system and produce the latest products. This means that they are engaged in innovation. Irrational innovation and project management can lead to an unjustified investment of resources in unpromising plans and demotivation of the employees involved in them.
Among the main aspects of proper investments building:
Every organisation has the basic capacity to develop innovative products. Initially, it is necessary to decide what is the key component of the product.
To understand the potential and opportunities for innovation, it is necessary to conduct a complete and in-depth analysis of the competitive environment. Not only direct competitors should be considered, but also companies producing an alternative product.
Here it is needed to assess the degree of dependence of the company on the emergence of new technologies. It is necessary to determine in which areas the organisation acts as a “manufacturer” of technologies, and in which areas it acts as their “user”. If business relies heavily on third-party technology, it's a good idea to keep an eye out for innovative offerings in the industries that make that product.
To organise the process of innovation management at the micro level, it is necessary to perform a number of actions, namely, to bring the goal of innovation management in line with the functioning of the company, in particular, to develop a qualitatively new product to enter a certain market segment, to determine the competitive advantages and weaknesses of the company, to establish and build methods and innovation management mechanisms.
Forecasting innovations in an organisation makes it real to see possible future changes in the goods and services produced, in the field of technologies used and to determine how these changes will affect the competitive stability of the company.
Planning of innovations of the company should be carried out based on the complexity of planning. The innovation plan should be closely linked with the organisation's socio-economic development program, sections of production, investment and financial plans, and the personnel policy of the enterprise. The project should include the most significant and promising innovative areas, the implementation of which will allow the company to receive significant social and economic benefits in the long term. Only cost-effective and well-resourced activities should be included in an enterprise's innovation plan.
In addition, planning should be continuous and consist of a consistent chain of formation of short-term, medium-term, and long-term plans for the innovative development of the enterprise.
Innovation is becoming an increasingly important factor in a company's success as it increases its ability to adapt to a changing world. New and innovative ideas drive better performance and new solutions for revenue generation and sustainability.