The goal of the innovation management (IM) stage under the Comprehensive Intellectual Capital Management (CICM) model is to extract maximum value of knowledge resources through the innovation process, whether directed inwardly to improve performance (process innovation), or outwardly to make new products (new product development (NPD) process). IM is the stage for converting ideas into new or improved products, services, solutions, or processes.
Innovation has become the main means of production and adding value in the knowledge economy. Under the CICM model, IM has to be implemented throughout the whole enterprise and be incorporated in the way business is done. For that to be possible, the value of innovation has to be reflected in the vision and culture of the organization, as a first step, covered in Chapters 10 and 11. Once the cultural and philosophical bases of innovation are laid, the organization can implement the steps mentioned below. The following sections present a step-by-step guide to the implementation of IM at the strategic and operational levels, with detailed practices to operationalize the various innovation strategies. But first, the management objectives for the IM stage are outlined.
The management objectives of the IM stage are:
Effecting a shift in the way the organization sees itself wherein innovation is recognized as the way of doing business
Deciding on the ...