Why are innovation ecosystem and strategic innovation management solutions needed in business?
In a rapidly changing and highly competitive environment, companies are increasingly faced with the need to effectively create innovations that meet not only today’s needs but also those that are relevant in the long term. Therefore, strategic innovation is one of the most important factors contributing to both the long-term success of a company and its overall contribution to the economy at the national level. However, creating strategic innovations requires proper identification of social and institutional changes, technological trends, and transformations arising in the environment, as well as challenges and opportunities related to them.
The success of strategic innovations also depends on the company’s internal processes: the ability to see, analyse, and evaluate the company’s innovative activity development opportunities as the basis for developing a long-term strategic advantage, creating innovative business models, and innovation implementation processes. Taking into account the systematic nature of innovation, it is important to acquire competencies to manage and develop a portfolio of strategic innovations, creating prerequisites for the involvement and cooperation of stakeholders (customers, employees, partners), which can significantly contribute to the success of innovative activities.
What are the benefits of the innovation ecosystem and strategic innovation management for business?
The success of innovative activities in companies depends on two essential factors – the ability to see complex challenges and opportunities arising in the external environment and to properly manage innovative processes in the internal environment of the company. It is important for companies to be able to effectively identify emerging ecological, social, and technological trends, challenges, and opportunities and accordingly develop innovative activity management systems in the organization by managing various innovation management risks and emerging challenges at strategic and operational levels. Finally, in order to effectively solve the emerging challenges, it is important to be able to apply different models of innovative activity based on the latest scientific knowledge of innovation management, such as the principles of open innovation, digital transformation, and innovation based on social, ecological, and ethical values.
Designing innovation ecosystem and strategic innovation management solutions allows companies to:
- Perform a situation analysis, assessing the political, economic, ecological, international and other contexts of the organization’s activities, and identify innovation opportunities for the company;
- Create innovative solutions and prepare a plan for their implementation taking into account the company’s strategy, competencies, culture, and policy;
- Identify the risks of the proposed solution and predict their management scenarios;
- Apply the economic-financial evaluation criteria of the proposed solution;
- Effectively solve the challenges of managing the company’s innovative activities at the strategic, operational, and behavioural levels by applying the latest innovation management knowledge.
