Innovation means an idea that is out of the box or unique. It involves the enhancement of the existing products or services and also includes the progression or advancement of the company. Innovation can happen on its own or it can happen if a team of experts come together to work on the growth of the company.
Innovations Management is usually an evolving concept and there is no fixed formula for the same. For example, if the entertainment industry has to innovate its shows and movies, then the team behind the innovations have to come out with unique ideas that will surprise the world. Whereas, if the construction industry has to innovate its processes and regulations, then the innovation involved would be different.
The entertainment industry has to, therefore, understand the existing services and products that it offers and then come up with unique concepts that will create a change or difference in the world. Let us understand innovation management with the example of an entertainment company’s innovation team.
Say, for instance, the company name is ABC and it has been in the industry for 20 years. The technology revolution has seen various developments in the sector. If you remember how earlier we used to watch movies in theatres and then they were aired via VCDs or CDs through cable networks to reach the audience.
Then came the internet industry, which allowed viewers to watch their favourite series or movies on the internet companies like YouTube, Twitter, Facebook, etc. Then now we have the OTT platforms like Amazon, Netflix, Zee5, Disney+Hotstar, and JioCinema through which people are able to stay entertained even using their smartphones.
Did you see the progression of the entertainment industry in the last 20 years? The reason is called INNOVATION. Now as ABC company is also a part of these transitions, it decided to come up with a web series targeting young children.
The aim of the company’s web series YOUNG MINDS was to make small children aware of their rights and responsibilities alike. However, the company was in a dilemma and wasn’t able to know how will they reach the young children. So, they decided to innovate their marketing strategy in such a way that attracted parents to assist their children in watching their web series.
ABC company also had a unique message for their parents to recommend the show to other parents and their friends or relatives. This helped spread positive word-of-mouth publicity.
Innovations Management was implemented by the team at ABC as they wanted to directly engage the end-consumers within the existing budgets. They didn’t want to hire an external agency to spend a lot on marketing and promotions.
From the above case, we learn that innovation is also essential to make optimum utilization of the available resources. Innovation is, thus, a teamwork or individual work that involves creativity, strategic planning and consistency to follow up with the ideas.
Innovation cannot be considered a breakthrough if it fails to solve the existing problems caused by the present situations in society.