Innovation management is the complex of actions which are aimed at the maintenance of the competitiveness and development of business with the help of the mechanisms of management of innovative processes. The objects of innovative management are innovations and innovative processes. Innovative process is the process of creation, mastering, spread and use of the innovation of practice. The innovative process can be applied to the goods and services through the fundamental research, marketing and sale and this process means the transformation of the idea into goods.
Generally, innovations can be divided into product, technological and managerial, though all these innovations are interconnected and are applied in the process of production.
The major tasks of innovation management are: the planning of the innovative activity of the organization; motivation of the participants of the innovative activity; the systematic analysis of the results of the activity; rational application of everything new. The planning of the innovative activity starts from the brainstorming of the creative and smart idea of the technology which would improve the development and effectiveness of the company.
After that there is planning of the strategies of the development and setting of aims which should be achieved. Then, the managers simply distribute the duties between the participants of the innovative process and everyone has to fulfill his job well. When the innovation has been applied on practice, the manager should evaluate it objectively and think whether the innovation has improved the process of production or not. It is natural that every organization requires constant improvement of its work, so innovations can be called the engine of progress for every firm.
Innovation management is the process which is supposed to control and facilitate the company’s productiveness in the proper way. When the student is asked to prepare a logical research project about innovation management, he should think about the most appropriate and interesting points which are worth professor’s attention. The proposal should be brief and informative and reveal the idea of the big research in simple words. One should also share his expectations on the investigation on innovation management and clarify the purpose of the analysis. Finally, one can dwell on the relevance of the research and prove to the professor that the topic is worth observation.
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