How innovation management becomes a success in medium-sized businesses

Innovation and innovation management are among the most important success factors in medium-sized businesses. Through product development and the introduction of service innovations small and medium-sized enterprises can achieve competitive advantages.

• Systematic idea generation,
• the design of innovation processes,
• the development of innovation culture and
• the consistent implementation of innovation projects

also play a major role in digitalization and digital transformation. In this article you will learn about five success factors for innovation management in medium-sized companies

Success factor 1: Make innovation a matter for the boss!

Innovation management in medium-sized companies needs the clear support of the executive board or senior management. If you work in a medium-sized company in management positions:

• Get personally involved in innovation projects!
• Support innovation teams with professional expertise and sufficient resources.

Especially in medium-sized companies, innovation is strongly dependent on the commitment of the management. This is because the structures are often lacking to establish those responsible for innovation management and to initiate them as independent departments outside the day-to-day business.

Success factor 2: Rely on concepts like Lean Innovation!

Lean Innovation has proven itself as a concept for innovation management in medium-sized companies. At the beginning of an innovation project there is the question: How can we achieve success with the fewest possible resources?

• Rely on lean structures, for example simple and lean innovation processes.
• Define tight deadlines.

Think about how you can check and measure the success of innovation projects in the fastest and easiest way.

Success factor 3: Involve as many employees as possible!

As a company, you can use tools such as modern innovation software to use the swarm intelligence of employees in different areas.

• Organize regular idea competitions to stimulate the creativity of your employees.
• Ask for solution ideas for problems in the company.

Innovation management in medium-sized companies depends on the participation of as many employees as possible. This creates a innovation culture in all areas: New ideas emerge and are implemented consistently and decisively.

Success factor 4: Bundle all your activities in one place!

Idea management, the continuous improvement process, innovation management and activities for digital transformation are driven forward in many companies with different tools:

• Special software that maps a specific process,
• Tools that support procedures such as agile project management,
• Excel tables,
• E-mails and
• Communication groups in messenger services like WhatsApp and Telegram

The overview is quickly lost. Knowledge that is necessary for the further development of projects is not shared.

The solution: A software tool in which all methods of innovation management in medium-sized businesses can be mapped.

The Innolytics^® innovation management software was especially designed for the requirements of medium-sized companies.

• Idea management, continuous improvement, innovation and digitalization can be mapped in special processes.
• Different platforms with different workflows can be created for individual innovation projects or locations.
• Ideas and innovations can be discussed, evaluated and implemented with the help of innovation teams.

Success factor 5: Please have fun!

Innovation management is not a cramped discipline. On the contrary! Companies that approach innovation projects with fun and enjoyment have greater success than those that consider innovation a compulsory task.

• Make sure that innovation workshops are conducted in a motivating way.

• Inspire employees with exciting idea competitions.

• Publish fascinating articles with examples of successful innovation from your industry!

The Innolytics^® innovation management software offers the opportunity to do so. With the blog function you can publish articles about innovation and other inspiring topics.

Conclusion: Innovation management in medium-sized businesses needs lean efficient tools

Medium-sized companies have a long tradition in the field of innovation development and innovation management. Nevertheless, they are dependent on creating leaner and more efficient structures than large corporations, for example. The Innolytics^® innovation software supports them in this process. It offers a quick and easy entry into innovation management in medium-sized companies.