Future Trends in Innovation Management

Innovation ManagementBooms in technology have been constant for at least the past 20 years, and now 2020 is here to deliver more. Digital trends projected for this year include the launch of 5G and more blockchain uses, among other items. These advancements will undoubtedly have an impact on innovation management across many industries. It’s becoming more obvious to the top innovation consulting firms in Georgia that every business’s goal should be to foster a culture of continuous innovation.


Innovation Trends on the Rise

There has been an increasing distrust in technology, even as technology grows. People are demanding more transparency in the algorithms at work and around the ownership of ideas. This indicates that there is a need for a system of record for innovation that will allow us to give credit where it is due.


Cloud Capabilities – Top innovation consulting firms are telling us that cloud capability will continue to grow in 2020. There will be a shift toward cloud collaboration as well. Open innovation software will be an essential aspect of your innovation management.


Leadership Support The practice of celebrating failure as an opportunity to learn has become popular. This year, the trend is moving away from celebrated failure to an increasing emphasis on expanded leadership support and resources. Providing your team with the tools for success should be an important aspect of your innovation


Innovation Challenges to Avoid

Top innovation consulting firms are clear when they advise that not all innovation is equal. Fostering continuous innovation is a key trend in the future of innovation management, but rushing through initiatives will most likely fail. Here are some of the more common challenges to avoid.


Innovation Initiatives With No Clear Strategy – If you are not experienced in innovation initiatives, you might opt for a low cost and low commitment plan without a clear strategy. Sporadically introducing campaigns can potentially result in wasting resources and time. Top innovation consulting firms will tell you that you may find that internal stakeholders lose interest.


Not Researching Thoroughly – The most important step in every innovation process is researching customer needs. The agile innovation process cannot create a quick fix, and they require the initial research step. Once robust research has been done, then agile can help innovation continue to succeed.