Innovation management involves the process of managing an organization's innovation procedure, starting at the initial stage of ideation, to its final stage of successful implementation. It encompasses the decisions, activities and practices of devising and implementing an innovation strategy. In a business context, innovation is the ability to conceive, develop, deliver, and scale new products, services, processes, and business models for customers.
Poddar Business School is providing an innovative platform in the form of simulation and practical learning to the students under which they can generate innovative ideas to develop a unique business plan. Regular industrial visits organized for the management students are an integral part of MBA and PGDM programs.
Innovation can add significant role to grow business by finding exclusive ways of executing things, introducing popular new products or services or optimizing one’s operations. In an event, ‘Retail Hub’ organized by Poddar Business School,the management students showcased their business skillsby establishing a retail stall/outlet of any company and its products and services.
Without innovations like inculcating business skills, one’s business cannot keep up with trends, potentially resulting in customers exhausting the same contributions. Poddar Business School organized a Skill Development Program for Management students for giving them a practical exposure on prospecting, need identification, sales skills, objection handling, etc.
Companies adopt a novel approach, however, were able to overcome the challenges encountered within today’s growing competition in Business. Poddar Business Schoolorganized an International Conference on ‘Sustainable Business Environment and Innovative Practices’ encompassing interesting management activities for effective communication and exchange of ideas amongst the students across borders.
Advantages of Innovation in Management
Some of the key benefits of innovation are:
- improved productivity
- reduced costs
- increased competitiveness
- improved brand recognition and value
- new partnerships and relationships
- increased turnover and improved profitability
Innovation enables problem-solving and provides creative insight that allows one to look at things from a different perspective, regardless of whether you are developing a new product, refreshing strategy or finding an original way to stay ahead of the competition. How you approach innovation will depend on your business. Typically, it can be an enhancement to your existing product or service, an expansion to your business or a complete change of direction - see common approaches to innovation.
Poddar Business School has a well-established entrepreneurship cell that provides students with access to funding, mentorship and other resources.
Risks of not Innovating
Doing something new, untested or unproven may seem risky. However, the biggest risk of all for a modern business may in fact be not innovating. Reluctance or inability to improve your products or services may leave your business unable to compete, diversify or simply operate. Businesses that fail to innovate run the risk of:
- losing market share to competitors
- falling productivity and efficiency
- losing key staff
- reduced margins and profit
- going out of business
Innovation can be precarious but the potential benefits can be vital to the continuing success of your business. Read more on the risks and rewards of innovation.
Poddar Business School is becoming the top management institutes of India, providing the best PGDM and MBA programs encompassing the highest quality course structure, industrial linkages, industry training sessions and student support services to serve students with the best opportunities and providing profitable placements.