The competence and professional expertise possessed by a company’s personnel form the cornerstone of successful innovation activities. This means that the maintenance and development of competence must be a priority.
Competence and knowledge required for innovation activities can also be obtained from outside the company. Support is available for obtaining competence. By networking with other companies and operators, you can supplement the competence of your own company. As such, when organising the resources of innovation activities, you should consider how much is covered by the competence of your own company and how you can utilise the innovation activities of other companies. Combining competences can prove to be very profitable!
The successful and profitable implementation of innovation activities requires all those involved – both company employees and third parties – to have an understanding of the activities that can have the greatest impact on the company’s value.
The efficiency of the innovation activities can be increased by various measures, such as increasing the acquisition of patent information and developing ways of managing data in the various stages of the product development process.
Innovation management as part of a company’s business management skills
Innovation activities are part of the strategic core of any business operations conducted by a company. They must be viewed as an entity present in all areas of the operations, in the same way as quality matters and IT.
Within a company, the responsibility for innovation activities as a competitive factor is distributed as follows:
Managing director with regard to strategic choices
Marketing management with regard to market and competitor information and its use
Product development managers with regard to the product development process and the data acquisition, choices and decisions related to it
In order to support the innovation activities and their management, each company should prepare its own IPR strategy that determines how the company protects its own competence and the innovations created through it, and how the competence of third parties is taken into account in the various dimensions of the innovation activities (for example, product development).