An innovation is more than just an invention, which is often the result of a single person‘s inspiration. Austrian economist Joseph Schumpeter described it as the implementation of a new technical or organizational idea, which means that inattentiveness is more than just the creative ideas themselves. It is equally important to realize these ideas in the form of successful products. Creativity and a systematic approach are the two sides of the coin that is innovation. Innovation is a team sport involving many disciplines. Any outstanding idea is doomed to failure if, at the end of the process, the price is wrong or the wrong sales channels are chosen.

Turning Good Ideas in to Successful Products

Innovation management is concerned not only with strategic product planning, but also with the operational implementation of such planning. On a strategic level, it is about deciding which new products fit in with the company‘s longer-term perspective, and on an operational level, it is about implementing these innovations as efficiently as possible. Systematic ideas management is a cornerstone of innovation management. Short innovation cycles demand a stricter approach to recording, assessing and prioritizing ideas and their implementation in successful products.

There are a number of reasons why companies are realising that they must adopt a more systematic approach to managing their innovations. Global competition is putting companies under considerable pressure to innovate, and even manufacturers of custom products are not immune from this pressure. They no longer rely solely on responding to new requirements from their clients, but observe the market and their competitors and develop their own innovative proposals in consultation with their customers.

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