According to the Business case for innovation in higher education, there has been a 20% decrease in overall student improvement over the past five years. A ten percent decrease over the last three years is also estimated. These results clearly illustrate the need for innovation processes in higher education.
An increase in the number of graduates with a bachelor’s degree in business, engineering, and economics from 2021-2021 is also indicative of the need for innovation management strategies in higher education. Also, from 2021-2021, the number of graduates with master’s degrees in these fields decreased by five percent. These trends are troubling, especially given the high unemployment rate in the United States at the moment. These statistics, along with others, suggest the need for more rigorous innovation management training in order to inspire graduates to secure advanced degrees.
Integration of information science into firms’ innovativeness initiatives has been described as the building block of successful innovation management. Co-creation or integration of technologies is critical to the success of any firm undertaking an initiative. Integrative innovation management theories include creating a culture of innovation within a firm that encourages innovation, developing networks of people across different disciplines that promote interdependence, collaborativeness, and transparency. The need for such theories of integration is especially relevant when firms rely heavily on technology-based activities, like those involved with internet marketing, e-commerce, and mobile marketing/SMS. The most important aspect is how these various activities can be coordinated to improve overall firm competitiveness, thus increasing its overall competitiveness.
In addition to coaching leadership towards integration of technology and innovation management, firms must also address issues like culture, values, and business models. Cultural change takes time, but can have significant implications for firms. A company’s values, especially its vision of what it wants to become and how it wants to be perceived, can help to shape the culture of the enterprise. Similarly, firm cultures must be appropriately structured, with appropriate norms of conduct to ensure positive innovation results.
Firm managers must also be able to align their efforts across different disciplines and organizational levels. All too often, front-end and back-end team members do not work well together. New soft processes are necessary to enable managers to pool ideas and take on tasks in a manner that works across all disciplines and skill sets. Such soft processes, which come naturally to sales, marketing, and accounting professionals, but which can take years to develop in programming and design, are necessary for innovation management.
As mentioned earlier, innovation management is also concerned with learning, specifically improved learning, as a function of a firm’s overall strategy. This is expressed most clearly in the realm of technical efficiency. Learning can take many forms. In today’s information age, it can take the form of increased use of technology, specifically information technology, to improve productivity, product quality, and process improvements. It can also take the form of shared knowledge, more effective use of available data and other forms of collaborative research and development. Learning in this context involves more than simply improving the quality of what workers already know.
As mentioned earlier, innovations are the by-product of good business processes. A firm must identify and capitalize on good business processes to reap the full benefits of innovation. Innovation management therefore focuses on five soft factors of innovation. These include identification of opportunities, discovery of potentials, implementation, monitoring, and adjustment. By identifying and exploiting all of these five opportunities and potentials, you can ensure that your firm will be well positioned to take advantage of future research and development opportunities.