Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, processes or products.
[2] It is not relegated to R&D; it involves workers or users at every level in contributing creatively to an organization's product or service development and marketing.
[4] The process can be viewed as an evolutionary integration of organization, technology and market by iterating series of activities: search, select, implement and capture.
Innovation management helps an organization grasp an opportunity and use it to create and introduce new ideas, processes, or products industriously.
[2] Creativity is the basis of innovation management; the end goal is a change in services or business process.
The process can be viewed as an evolutionary integration of organization, technology, and market, by iterating series of activities: search, select, implement and capture.
Innovations are increasingly brought to the market by networks of organizations, selected according to their comparative advantages, and operating in a coordinated manner.
Big innovations are generally the outcome of intra- and interdisciplinary networking among technological sectors, along with combination of implicit and explicit knowledge.
For example, the case of Stora Enso, a company in the wood construction industry, demonstrates how a combination of different business model logics—such as value chain, value shop, and value network—enables the organization to address diverse types of uncertainty and engage in systemic change.
[15] The study conducted at a European level used 10 typologies for knowledge-driven Innovation Management Tools.
Hidalgo and Albors were able to narrow the list down to 8 criteria (knowledge-driven focus, strategic impact, degree of availability, level of documentation, practical usefulness, age of the IMT, required resources for implementation, measurability), that are especially relevant for IMTs in the knowledge-driven economy (knowledge economy).
Criteria for selection of tools: IMTs that were sufficiently developed and standardized, that aimed to improve the competitiveness of firms by focusing on knowledge and that were freely accessible on the market and not subject to any copyright or licensing agreement.