What Is Innovation Management And Why Is It Important?

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March 29, 2022

Innovation refers to the proffering of a new idea, product, method, or advanced modification in a pre-existing field. In today’s world, innovation is sought out more than ever before, even so as it becomes one of the trendiest buzzwords in our vocabulary. Innovation management is now widely recognized as a necessary strategy to streamline and boost an organization’s productivity.

While some argue that innovation itself is not something that can be managed, innovation management refers to directing and supervising all the ideas and actions involved in introducing something new.

 

What is Innovation Management?

Innovation management refers to the entire process of managing new ideas, right from their conception to taking the necessary actions to make them a reality by introducing them to the world. This involves generating new ideas by brainstorming and sharing ideations. These ideas are then recorded and organized in a discernible way for the management and stakeholders to sift through and evaluate to see if they suit the company’s or organization’s brand.

Lastly, some ideas are given priority over others in terms of execution to maximize the organization’s existing resources and yield the most benefits. Effective communication and cooperation between the members of the organization are necessary to optimize problem-solving and innovation.

 

Importance of Innovation Management

According to Forrester, 53% of global organizations are investing in emergent innovation and idea management strategies to maximize and optimize innovation. In many ways, nurturing innovation is what makes a company survive in the long run.

 

Encouraging an Environment of Innovation

Nurturing a culture of innovation drives product innovation practices in an organization that bring forth new ideas from within the company itself and helps the company remain relevant in the long run and keep up with its competition. This also allows active participation of the employees of an organization so that they can reach quick solutions to complex company problems. This gives employees with an entrepreneurial spirit an incentive to share their insights and stand out.

 

Enhance Development

By encouraging innovation, an organization can launch new products and services, all the while reducing costs on the consumer and thus becoming a more attractive option than its competitors. Enhancing the company’s development process and thus performance in the market makes them stay ahead of the game.

 

Decentralization

Another advantage of introducing innovation management is decentralization. Members or employees at different levels of the organization possess a different skill set and different areas of expertise. This allows them to focus on specific aspects of the innovation process, which streamlines the company's functioning. Since essential ideas have to be approved at higher levels, decisions can be amended and edited according to their feasibility at the command of higher-level executives.

 

Loss of Relevance

By not adopting innovation management, companies risk becoming outdated in the market and falling behind the competition. Companies that don’t innovate will become irrelevant over time and die out. Industry giants like Blockbuster, Polaroid, Kodak, and Borders that seemed to have many resources and were well-known names died out because of a lack of innovation.

When competitors see a gap in the market, they adapt and evolve according to consumer wants, and those who don’t are left behind. If this can happen to brands that used to dominate their respective industries, it can happen to any company as well.

According to Gartner’s CIO Survey, innovation management is one of the most effective digital innovation strategies but also one of the least used. At MIT ID Innovation, we offer Online Courses in Design Thinking and Innovation that encourage students to hone their innovation capabilities and learn techniques that can be used to transform systems and prepare them for the world of tomorrow.

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    MIT Pune: The pioneer of MIT institutions

    The MIT Group of Institutions pioneered the revolutionary extension of higher training in Maharashtra. MIT Pune contributed to bringing high-quality education to every student who aspired to train under excellent faculty. With 32 years of expertise, the MIT Group now includes 64 institutions, more than 6,500 teaching and non-teaching professionals, and more than 12 sites across Maharashtra to meet the educational requirements of more than 50000 thousand students.

    MIT Pune is regarded as one of Maharashtra's finest educational establishments, and it is on par with the greatest in the world of academia. The institute works with other colleges and universities to provide our students, professors, partners, and staff with various learning opportunities. These collaborations are focused on curriculum development and advancement, as well as research and interaction programs.

    Vision and Mission

    The university's vision is to foster a peaceful coexistence by instilling a value-based global inclusive education, with the sincere belief that only the combination of technology and religion/spirituality can bring humanity harmony.

    Their mission is to use scientific and technological knowledge for the benefit of society.

    The foundation of MIT Institute of Design

    With a strong foundation and credibility, MIT Pune founded the MIT Institute of Design under MAEER MIT Pune. MAEER's MIT Institute of Design began operations in August 2006, directed by the best brains in Indian design education at the time, intending to establish itself as a world-class research and teaching centre.

    The institute ensures that the students learn from the best and most skilled personas in the field. For this, advisers from diverse design-related fields are asked to connect with the design trainees and encourage them to explore novel areas that will supplement and strengthen their continuing design education.

    At MIT Institute of Design, students not only get the best academic design thinking courses in India but are also provided with world-class facilities and amenities to enhance their knowledge. Over 100 acres of campus are located just 8 kilometres from Hadapsar, Pune. 5000+ residential students have access to an Olympic-sized swimming pool, a Gymnasium, Archery, Tennis, Badminton, and a Rowing Club. The amenities as mentioned above are spread out over a 40-acre plot of land.

    The university of MIT ID hopes to offer value to the design world via the department under MIT Pune. Design Habitat is a reasonable and inevitable outgrowth of their ideology, ensuring a universal environment conducive to design learning. The design industry's mainstays guarantee that students have the best possible access to every conceptual design.

    All of the design programmes are focused on establishing a real knowledge of structural space via analytical skills, self-directed study, and an integrated research approach through active learning, which is learning by exposing students to real-world situations.

    About MIT ID Innovation

    As you might expect, design innovation is a method for generating new ideas. It focuses on meeting people's demands with technologically possible solutions and developing a successful business plan to capitalize on this market potential. These are the criteria to which we, as people and as an Education Technology and Design start-up, adhere. It's something we do regularly; we aim to use Design Innovation to unleash the brilliant ideas of learners and lecturers so that they can (train youngsters too) take on today's and tomorrow's difficult issues.

    With a similar idea in mind, the MIT ID Innovation Programme was founded as a flagship under the MIT Institute of Design. It is a one-year program for self-motivated and enthusiastic students who want to develop cutting-edge goods, services, and companies for today's and tomorrow's worlds. To build a comprehensive approach to design and innovation, MIT ID Innovation offers one of the best innovation courses in India which integrates Technology, Design, and Business. Graduates and business professionals from various artistic, technological, and social science disciplines are welcome to apply. The curriculum framework is entirely project-based, with a strong emphasis on teaching practical and hands-on expertise.

    Developers, designers, industry specialists, successful entrepreneurs, and seasoned industry executives make up the MIT ID program's instructors. Each lecturer provides a distinct viewpoint based on their expertise and knowledge and serves as a supervisor for the participants' initiatives as part of the curriculum.

    An insight on the curriculum of the courses

    The institution intends to conduct hands-on initiatives aimed at offering comprehensive solutions. They offer an 'immersion' interface that allows for engagement with important companies and professional associations, making them one of the top innovation courses in India. The programme also assures demanding projects that cover a wide range of topics pertinent to our day. Students have the option of selecting themes from a variety of topics based on their interests and skills.
    Students will participate in faculty-led initiatives encompassing human-centred design, business administration, virtual and analogue design and development, effects analysis, technological possibilities, and scientific research & innovation throughout a half-year. The students will lead a 20-week major project to apply what they've learned and create a powerful, effective, and unique solution. Students participate in various learning activities, including taught courses, seminars, training courses, seminars, research excursions, and, most significantly, projects, throughout 50 weeks in the MIT ID program.
    The moment of rupture, which allows students to explore their true creativity and regularly assess their learning and development in the programme, is an important part of the curriculum. Immersions are designed to help students get insight into technology options for creating a concept a reality, about the individual and communities for whom they are creating, and about recognizing their capacity to make the difference they want to create.

    How does the curriculum of MIT ID benefit students?

    Under the direction of seasoned academia and industry specialists, one of the top innovation courses in India is designed by a group of young and energetic inventors and designers. The curriculum is provided through a series of challenging projects that are constantly supported and supervised by industry professionals and academics.

    Change your mindset about innovation

    This session will introduce the notion that innovation is a creative process that necessitates a change from a traditional mentality to one of experimenting and understanding through doing.

    Dashlessdash

    An initial program that allows students to collaborate with each other in the design thinking courses in India to develop a viable commercial, design, or technological solution, allowing them to relearn what they already know and apply a comprehensive methodology to innovation.

    Human-centered innovation

    Students will collaborate with a range of groups and institutions that work directly on social issues in order to offer meaningful solutions that address the pain points of the people for whom they are creating. This will conclude with an invention pitch in the form of a corporate presentation.

    4.0 World

    Learners will anticipate their visions of a futuristic society by charting geopolitical, financial, cultural, and technical trends and extrapolating human interactions, goods, and activities in each. They'd then propose solutions using a variety of mediums.

    Creating with digits

    This course focuses on virtual and analogue product design and development, culminating in demonstrations and a display. Students will develop sturdy prototypes to illustrate their ideas influenced by brand principles and new technology with the best design thinking courses in India.

    Significant undertaking

    Students will spend the second quarter of their VIF experience engaging alone or in groups of two to come up with a compelling large project that combines what they've learned so far in a disciplined structure to produce a comprehensive innovation.

    Courses offered in MIT ID Innovation

    PG Diploma in Innovation equivalent to MBA in Innovation

    The MIT ID PG Diploma in Innovation offers a one-year meticulous education in the confluence of organizational and functional innovation, preparing students to recognise business opportunities, use innovation theory, and establish new entrepreneurial activities employing new technologies.
    The degree is equivalent to an MBA in innovation or design management that integrates Design, Technology, Business, and Humanities to provide a comprehensive framework for innovation. The course has been authorised by the UGC, and the class size is restricted to only 25 learning creators. The goal of an MBA in design management is to enhance the creative economy by organizing an innovation accelerator that turns ideas into real enterprises with the help of a broad group of students.
    Graduates, experienced/working individuals from a variety of creative, technological, and humanistic disciplines will benefit from this course. Candidates explore potential talents while working closely with industry specialists, receiving active career advice, and receiving support for lifetime professional growth.

    Design Thinking Courses

    In the modern economy, the ability to think creatively is highly prized. Employers are looking for someone who can think creatively to solve problems in company operations. Critical thinking and creativity are two talents that may help you develop your inventive thinking abilities and offer new ideas to your job.
    The MIT ID Innovation Program acknowledges the need to prepare the next generation for design thinking courses in India, which necessitates an understanding of market shortages. MIT ID offers Creative Thinking for Innovation, a four-week curriculum that covers the idea generation process and how to develop a diversified comprehensive blueprint, as well as other key creative principles.
    Creativity, both in principles and application, is a critical component of both professional and personal growth. This program is one of the most inclusive design thinking courses in India. It will extensively investigate and explain the concept of creativity in such a way that the learner will advance quickly in comprehending creativity comprehensively, via principles and application.

    Digital Transformation Course

    The process of converting old company processes to new digital techniques to enhance efficiency and keep up with quickly changing market needs is known as digital transformation. For developing digital business transformation, digital innovations need a knowledge basis. Customer experiences, artificial intelligence, and supply chain advances such as IoT are examples of these systems. Learners must understand the procedures involved in implementing new digital transformations when they come down the chain.
    In collaboration with industry experts, MIT ID provides Digital Transformation courses and certifications to help you leverage data analytics and the digital economy to change company operations. You may assist company executives in minimising disruptive technologies and navigating their digitalization path. Our Digital Transformation course gives you a comprehensive understanding of digital transformation and how it may assist everyone in a company. It covers the important variables to examine the digital transformation plan for any company.
    Digital Transformation courses are meant to educate you on the fundamentals of the digital platform, such as organizational change and the product development process. It also explains what you should do with outdated tech.

    User Experience Design Course

    This 9-month course focuses on introducing the learner to User Experience (UX) Design. User experience design is oriented towards the user. The objective is to create artifacts that help users achieve their goals in the most efficient, effective, and satisfying way possible. The beginner is introduced to a cycle of discovery and assessment, as well as a set of procedures that suit the user's requirements.
    Through teamwork and role-plays, students have an intensive peer-learning opportunity in this course by MIT ID. Throughout the course, real-life case studies will be explored.
    This course is designed for beginners. It is intended for students who have heard of "user experience" or "user interface" design but have little knowledge of these fields. The mantra is to understand the "Mind Set, Skill Set, Tool Set" of an Experience Designer.

    Conclusion

    While you're capturing your growth, strive to be ready with the next level of customer offering. Repeat the process of becoming a pioneer. The following stages in the value ladder that you might be able to provide should be foreseen, conceived, and tested as soon as possible.
    Students will learn about coming up with new ideas, doing research, and inventing. Not only that but also how to adapt their area of expertise (discipline) or a topic of great interest to their position as part of a dynamic and varied group of people. Every course student of MIT ID will work together to create a business plan that incorporates their collaborative skills.