Dual Innovation Management (PowerPoint PPTX)

DESCRIPTION

Innovation Management comprises of managing the whole process of an organization's Innovation efforts. The Innovation Management process entails phases from conception through successful implementation, including making strategic decisions, taking critical actions, and exercises of contriving and executing an Innovation Strategy.

Conventional Innovation Management is unable to sustain itself in the face of contemporary needs. Organized and most modern Innovation Management necessitates a business to have 2 key capabilities:
1. Discovering fresh offerings
2. Exploiting prevailing opportunities

We call this approach Dual Innovation Management. Dual Innovation has become a necessity for businesses to survive intense competition in today's markets. Dual Innovation refers to extending current Business Models in new directions, as well as creating completely novel Business Models at the same time.

In order to manage such complex Innovation scenarios, a proper Dual Innovation Management System is required to be put in place. For such a system to be established, following 4 vital premises, on which the system is contingent, are essential:

1. Balanced Portfolio Approach – Innovation Management takes an equalized portfolio approach. The whole Innovation portfolio can be bifurcated into Exploitation-focused and Exploration-focused Innovation ventures.

2. Equal importance to Exploitation and Exploration – Leading executives have to be completely on-board in assigning same level of importance to Exploitation and Exploration ventures as both are essential for a company to prosper tenably.

3. Separation of Exploitation and Exploration initiatives – Exploitation-focused and Exploration-focused ventures are set apart on the basis of organizational anchoring, governance, and funding perspectives.

4. Support by a proper Idea Management System – Nurturing an Innovation Portfolio is aided by a good Idea Management System which either assigns an in-house or external idea to the analogous unit, or rejects it.

This Dual Innovation Management PowerPoint presentation not only covers the Dual Innovation Management Model in further detail, but also sheds light on 3 Strategic Horizons of Innovation and the Idea Management Framework.

The slide deck also includes some slide templates for you to use in your own business presentations. These PowerPoint templates convey Dual Innovation Management Systems, the Idea Management Framework, and the Dual Innovation Management Model.

Got a question about the product? Email us at flevypro@flevy.com. If you cannot view the preview above this document description, go here to view the large preview instead.

Source: Best Practices in Innovation, Ideation PowerPoint Slides: Dual Innovation Management PowerPoint (PPTX) Presentation, Flevy