Key Elements of Innovation Project Management in Services

Innovation is a widely examined area of management, since it is identified as an essential development and competitiveness factor, with rising importance in the age of knowledge-driven economy directly based on the production, distribution and use of knowledge and information (Stošić, Vasiljević & Milutinović, 2012). Companies have to be prepared to adapt and develop if they want to survive in today’s volatile business surroundings. They operate with an awareness that their competitors will inevitably come to market with a product that is going to change the basis of competition. Being prepared for changes and adaptation became fundamental for the market survival. In almost every industry air, pharmaceutical, auto, computer industry, market leaders demonstrate the aptitude to innovate. The analysis of the economic history shows that industrial technological innovations lead to significant economic benefits for innovative companies and innovation in general. Innovations claim to be the growth engine of modern economy and they ensure growth regardless of the economic situation (Tidd & Bessant, 2009).