Innovation Management

This area focuses on strategies, processes, and tools for managing innovation within organizations.

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Weaknesses

Weaknesses are internal characteristics that can reduce the success or competitiveness of a product, service, or project.

Value Stream Mapping

A lean-improvement method for identifying opportunities to streamline work processes.

Viability

The term “Viability” in the world of innovation, business or product development, refers to the profitability or ROI of an offering.

Validation

Confirmation by examination and provision of objective evidence that the requirements for a specific intended use or application have been fulfilled.

Trade Secrets

Information, including a formula, pattern, compilation, program, device, method, technique, or process, that provides a business with a competitive advantage in the marketplace.

Toolkit

The perfect and concise definition for a ReallyGoodInnovation.com glossary article about the term "Toolkit"

Toolbox

A metaphor for a connected collection of methods, techniques, technologies, frameworks used to facilitate innovation in practice.

Time To Market

Time To Market: The period taken by a company from inception to the actual launch of a product or service. Also referred to as product time to market.

Test and Learn

An approach used by companies to test new ideas on small subset and learn from these tests before scaling to the public

Task Prioritization

Task prioritization is the process whereby an individual, team or business determines the order in which short, mid and long-term tasks should be completed.

Tacit Knowledge

Knowledge is the kind of knowledge that is difficult to transfer but can be learned through interactions and on-the-job experience.

Systematic Innovation

Systematic Innovation is the method in which organizations to create multiple new products and services on a continuous basis over time.

Sunk Cost

A sunk cost is a cost that has already been incurred and cannot be recovered.

Steering Committee

A group of senior stakeholders responsible for the oversight and governance of the innovation project.

Six Sigma

A set of techniques and tools for process improvement.

Scaling Innovation

It describes the steps needed to build out or establish an idea or product at scale in the most effective ways.

Repeatable Process

A repeatable process is a systematic series of steps that produces a consistent, replicable result.

Rapid Experimentation

Process to quickly test hypotheses and ideas by rapid prototyping and piloting. Used to gather customer feedback.

Program Management

The centralized coordinated management of a set of interdependent projects using a combination of techniques and practices.

Property Rights

Property rights allow people’s freedom of action in the use of their belongings, including the fruit of their intellectual capacities.

Process Tools

Process Tools is a set of tools to facilitate the management of an innovation process, from idea generation to commercialization.

Prioritization

The resolving of questions of central importance for a company that aligns with its strategy, market and needs.

Portfolio Management

Portfolio Management refers to the centralized management of a group of projects in order to achieve strategic business objectives.

Pilot Program

Short-term, low-cost, low-risk test of an idea to prove its value. Used in business innovation and software development.

Performance Improvement

Optimization of processes to reach a set goal or standard.

Outside Innovation

Collaborating with customers to engage their expertise in designing new products, services, experiences, and business models.

Monetization

Monetization is the process of generating revenue from an asset, product or business.

Managing

Systems for directing resources to achieve specific objectives. It often involves managing people leading through influence.

Lead Time

The total time that a company takes to complete a task, from the ideal time the task should take to finish.

Kanban

As famous by its simplicity, Kanban is a system to control inventory, enable visual management, and empower just-in-time delivery.

Investments

Innovation Investments is the money and resources allocated to the innovation effort with the expectation of a future return.

Investment Decisions

Investment Decisions 93 chars Meanwhile, one way to find investment opportunities is to set your executive team’s process so you can regularly review quali...

Intangible Assets

Intangible Assets are non-physical resources that add value to a company, such as intellectual property, brand equity, or know-how.

Innovation Value Chain

The Innovation Value Chain is a model outlining the sequential steps from idea generation to diffusion, driving value through innovation.

Innovation Tools

Innovation tools are methods and resources designed to foster creativity and facilitate the generation and implementation of new ideas.

Innovation Theater

Innovation Theater refers to superficial activities that give the illusion of progressive innovation without leading to real business impact.

Innovation Self-Assessment

Innovation Self-Assessment: A tool to evaluate an organization's innovation capabilities and identify areas for improvement.

Innovation Projects

Innovation Projects: Initiatives focused on creating novel products, services, or processes that deliver significant value or improvement.

Innovation Program

An innovation program is a structured plan within an organization to foster new ideas, projects, and culture that drive business growth.

Innovation Management

Innovation Management is the process of steering creative endeavors to align with organizational objectives and market success.

Innovation Funnel

An Innovation Funnel is a mechanism to filter ideas from concept to launch, prioritizing resources for high potential innovations.

Innovation Funding

Innovation Funding is financial capital provided to support the development and scaling of novel products, services, or processes.

Innovation Expertise

Innovation Expertise: Skill in creating novel value by realizing new ideas that meet emerging needs or solve complex challenges.

Innovation Consultancy

Innovation Consultancy: Advisory service that guides firms in generating and implementing novel solutions to enhance growth and efficiency.

Innovation Capability Assessment

Innovation Capability Assessment: Evaluation of a company’s ability to foster and manage innovation across processes, resources, and culture.

Innovation Capabilities

Innovation capabilities are the skills and assets a company leverages to develop novel products, services, or processes.

Innovation Budget

An Innovation Budget is allocated funds for exploring new ideas, products, or processes within a company to drive growth and efficiency.

Initiative

An initiative is a strategic action to drive change and achieve business goals.

Innovation Activities

Innovation activities are tasks and processes aimed at developing new products, services, or improvements to drive business growth.

Idea Campaigns

Idea Campaigns are structured initiatives for generating targeted, actionable solutions within an organization.

GANTT Chart

A GANTT Chart is a visual project management tool outlining tasks or events in time sequence on a horizontal bar chart.

Flow Framework

Flow Framework: A model managing product development by tracking flow of features, reducing waste to improve delivery and team performance.

Feasibility

Feasibility: The practicality and viability of a proposed idea or solution to be successfully implemented.

Execution

Execution: The act of implementing plans and strategies to achieve defined goals with efficiency and effectiveness in a business context.

Evidence-Based Innovation

Evidence-Based Innovation refers to using empirical data to guide and validate the innovation process.

Environments

Environments in innovation refer to settings fostering creativity, knowledge exchange, and development of new products, services, or processes.

Employee Suggestion

Employee Suggestion: Internal ideas submitted by staff to enhance company processes, products, or culture.

Due Diligence

Due Diligence: A thorough assessment of a business or asset pre-transaction to evaluate risks and opportunities.

Dependencies

Dependencies are relationships where a change in one element may affect another in project or system development.

De-Risking

De-risking: Reducing uncertainty and potential negative impacts on an innovation or project to increase its chances of success.

Critical Capabilities

Critical capabilities are the essential skills and competencies a company must develop to thrive in its industry and market.

Continuous Planning

Continuous Planning: An ongoing, iterative process for adaptable strategy formulation and resource allocation in dynamic business environments.

Innovation Best Practices

Innovation Best Practices: Proven methods that consistently yield successful innovative outcomes in corporate environments.

Agile Development

Agile Development is a flexible, iterative approach focused on rapid delivery of products through collaborative, cross-functional teamwork.

Action Plan

An action plan outlines specific steps to achieve a defined goal, complete with timelines and resources.

Corporate Culture

Corporate culture is a company's shared values, beliefs, and behaviors that shape its workplace ethos and influence decision-making.

Innovation Governance

The processes and structures that an organization puts in place to manage and control its innovation activities.

Innovation Readiness

The degree to which an organization is prepared to adopt and implement new technologies and ideas.

Innovation Pipeline

A system for managing the flow of ideas through the stages of idea generation, evaluation, development, and implementation.

Innovation Culture

The values, behaviors, and practices that support and encourage innovation within an organization.

Innovation Maturity Model

A framework that helps organizations assess their current level of innovation and identify areas for improvement.

Innovation Audit

A systematic review of an organization's innovation processes, capabilities, and outcomes, often with the aim of identifying areas for improvement.

Innovation Software

Innovation software is a tool that helps organizations identify and develop new ideas, products, services, or processes to gain competitive advantage.

Innovation Platform

A technology or infrastructure that enables innovation by providing a common platform for collaboration and development.

Intellectual Property

The legal rights that protect the creations of the mind, such as inventions, designs, trademarks, and copyrights. They can provide a source of revenue through licensing and royalties.

The House of Quality

The House of Quality is a brainstorming framework that links customer needs to product features.

Resources for Innovation

Resources for Innovation are the tools, materials, processes, and people that support the development of new ideas. The assets, skills, and knowledge utilized in the innovation process.

Knowledge Management

Knowledge management is about how an organization not only obtains but also uses and stores collective knowledge.

Innovation Management Process

Innovation management process is the system of tools and techniques used to foster creativity and convert ideas into successful products, services or processes.

Idea Management

Idea Management is a process of capturing, collecting, and organizing ideas to identify their potential value - and implementing the best.