Management of innovation. Innovation means implementing new ideas for making new things, so it might be different in different organization . For banking it might be best customer service and new online tools for customers to access their accounts

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Introduction

The strategy to get maximum performance by the application of good culture, strong leadership and solid base in a sequence, is actually a best practice for innovation in any organization. So there are different kind of techniques and processes for operation management to apply in any organization to get a better output.

In the last twenty years because of the rapid development in Information Technology the ideas and making new things are more easier and quick. Let say the Banking industry used to be dull and lazy but now banking industry is totally different.

Innovation means implementing new ideas for making new things, so it might be different in different organization . For banking it might be best customer service and new online tools for customers to access their accounts. On the other side, like Energizer, they make must-have batteries for must-have gadgets. So they made new innovative product to attract more customers.

According to Flanagan (2008), “There are many different models of innovation. Operationally, innovation management concerns the application of various tools and techniques. AT a more strategic level innovation models aim to predict the behaviour of organizations within industries so that more effective innovation decisions can be made”. (Flanagan, 2008)

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Best practices of Innovation Management

There are different kind of processes in innovation, but because of the writing limitation given by my tutor, I will discuss some of them.

Process Innovations

The changing in the transformation process to get the new and improved product is a part of process innovation. So the organization require peoples who actually can transform their techniques to get the improved out-put. Take the example of Sony Laptops, the end product which is assembled in factory and than delivered to the customer. It got scanning code, warranty tag, delivery ...

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