Global Innovation Management: Definition, Strategy, Examples
Definition:
The term global innovation combines two broad concepts of business. Innovation is a familiar concept that has many branches growing underneath. It includes technological innovation, organizational innovation, market innovation, business model innovation, etc. Management, on the other hand, is closely related to companies. It is the coordination of tasks and activities within an organization.
So, global innovation management is a structured process that generates, captures, discusses, and improves a valuable site or alternative thinking. Apart from that, this process also organizes, evaluates, and prioritizes these ideas that would have otherwise come out as normal procedures.
Innovation is considered the brainchild behind the success of any business. The best way to do this is by crowdsourcing innovation from teams working within the organization.
Importance of Global Innovation Management
The activity of crowdsourcing innovation has made its debut in the digital workspace with high expectations. This practice encourages the active participation of team members to pool up ideas within the organization. It also acts as a channel to obtain an effective and appropriate solution for complex business challenges.
When organizations around the world build a culture of innovation, it drives sustainable and productive practices that spark more ideas. These ideas work wonders in workspaces or organizations to stay ahead and remain competitive in the long haul.
Pooling innovation helps produce new products and services, enhance an organization’s success, improve the development process, and introduce cost-reducing techniques. This sums up the importance of global innovation management across organizations.
Strategies for Global Innovation Management
Successful global innovation management requires some core strategies which are discussed below.
1. Creating conversations
Innovation is never effective in isolation. Involving every employee is crucial to making the culture of innovation efficacious. Bringing people together stirs a better chance of success in organizations. One of the best techniques to do so is crowdsourcing.
2. Pulling employees
Organizations must nurture the internal side of open innovation to amplify participation. There should be no mandating or forcing of involvement in the same. That is because it may lead to frailties later. Organizations can involve the employees in ideation and let them know how that can lead to its success.
3. Run awareness campaigns
Creating innovative ideas requires strategic orientation. That helps to generate new ideas and also adopt the culture. A proven way to do so is by running awareness campaigns within the organization. This is how to encourage the broadest range of participants in an organization.
4. Introducing a common space
Employees do not always get a separate time or space to discuss ideas. What’s better than introducing a common space for them within the organization! That helps them coordinate better and discuss various ideas and strategies to uphold the organization’s success.
5. Transparency
The culture of innovation receives a boost through transparency. The employees must be aware of the ideas, challenges, and future strategies discussed within the organization. That will help them prioritize the required tasks and recommend ideas for the same.
Examples of Global Innovation Management
Most companies have proactive innovation strategies that have a strong research orientation and first-mover advantage. It helps them become market leaders in the field of technology, innovation, etc. These organizations access knowledge from a wide variety of sources. Moreover, they also take high bets or risks to reach the heights of success. The best global examples include Apple, Singapore Airlines, and Dupont.
Final Words
Global innovation management is a strategy that holds vital importance for organizations around the world. It helps bring teams together to innovate new ideas and strategies. If your organization wants to be a global leader, adopting such an effective framework will help it reach heights.
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