Management of Innovation in Organizations and the Innovation Imperative: Strategies and Initiatives

Companies require understanding the innovation imperative and the importance of managing innovation in organizations. The objective of the study is to analyze the importance of innovation and managing innovation in organizations. The methodology adopted is a conceptual analysis of the various aspects of the innovation imperative and managing innovation in organizations. The innovation imperative may focus on incremental innovation, new-to-the-world innovation, and new product launches and failures. Companies adopt approaches towards managing innovation viz. departments in charge of current offerings, new product departments, innovation centres, venture teams, communities of practice, and cross-functional teams. Innovative companies adopt initiatives for managing innovation. Academicians may suggest better and effective models for managing innovation in organizations. Practicing managers may realize the importance of innovation in company growth, evaluate the approaches and initiatives adopted by companies towards managing innovation, and suggest effective approaches and initiatives.