Innovation in Management Challenges & Opportunities

Abstract

Creativity is the use of mental abilities to create a new thought or concept. The process of creating new ideas and turning those ideas into action and useful applications is called innovation. In the case of organizational management, its ultimate success and sometimes even its survival depends on the ability of planners to innovate and apply new ideas. The most important reason for the need for creativity and innovation is the problem arising. Problem-solving is possible in two ways: rational problem solving and creative problem-solving. The emergence of a creative mindset requires a precise and correct definition of innovation management. It is a systematic approach to prioritizing innovation in the organization and includes the steps of planning, organizing, managing, and controlling and includes all tools and methods to promote and exploit innovation in the organization. The objective of innovation management can be any of the following: 1. Production of new products and services to enter new markets; 2. Improving products and services to outperform competitors; 3. Improving internal processes to strengthen the organization and reduce costs; 4. Development of new business methods in order to generate revenue from new routes. Also, the field of using various solutions should be created, apart from the conventional solutions.