When new technologies and competitors disrupt markets, numerous existing organizations struggle to remain competitive. Situations like these encourage some organizations to partner with others.
Fruitful partnerships comprise of having the appropriate people, processes, and organizational backing. This calls for an Integrative approach to Managing Innovation.
Various aspects of the Innovation process have to be integrated through a cohesive Innovation Management Strategy that gels well with the individual strategies of these aspects.
Integrative Innovation Management focuses on 4 key areas to effectively manage Innovation at an organization. They are:
- Integration of Directions of Impact
- Integration of Stakeholders
- Integration of Capabilities
- Integration of People
Integrative Innovation Framework aims to deliver a platform that aids in addressing the holistic character of Innovation.
With interrelations growing more and more, caution is required against overlooking the greater picture or giving excess importance to specific features.
Let us delve into some details of the areas identified.
Directions of Impact
It is imperative in successful Innovation Management to keep a balance between various objectives, strategies, and approaches. Innovation Management necessitates an equilibrium between various strategies, objectives, and approaches—which are frequently in contrast to each other.
These contrasting extremes, even though fundamentally dissimilar, are equally essential.
Integration of People
Contingent on the Direction of Impact, having the appropriate combination of people with the right skills and mindsets, is integral for Innovation. An assortment of perspectives and ideas is advantageous for exploring fresh prospects that have a possibility of radically transforming the present circumstances and current Business Models.
Integration of Stakeholders
More and more businesses are discovering that tackling Innovation alone is an increasingly impossible task. Situations like this stimulate some organizations to partner, network, or collaborate in communities and/or with customers even. Such setups tend to be open arrangements. Specifically, systemic problems—e.g., energy, healthcare, mobility—hinge on effective collaboration between matching stakeholders.
Integration of Capabilities
Capabilities have to cross functional boundaries in order to create Integrative functional capabilities that make the Innovation effort thrive.
Interested in learning more about Integrative Innovation Management? You can download an editable PowerPoint presentation on Integrative Innovation Management here on the Flevy documents marketplace.
Do You Find Value in This Framework?
You can download in-depth presentations on this and hundreds of similar business frameworks from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.
For even more best practices available on Flevy, have a look at our top 100 lists:
