The Systematic Process of Generating Assessing and Prioritizing New Ideas Is Known As Innovation Management

Innovation management is a methodical process for creating, assessing, and prioritizing new ideas so that the best ones can finally be implemented for the general expansion of the company or organization.

It is commonly known that there are four main categories of innovation in sustaining, disruptive, incremental, and radical. It's critical to comprehend which category your venture falls under in order to operate an innovation program effectively.

A product, service, or method can be gradually improved in order to sustain innovation. This type of Innovation Management makes up the majority of a company's budget designated for innovation investment and is essential to keeping enterprises afloat.

Launching an open call for innovation and using a platform provided by an innovation management software supplier to encourage outside groups to submit ideas is a common strategy used by innovative businesses. One of the best ways to find innovation today is through open calls.