Innovation Management and its Critical Success Factors Research Paper

Innovation Management and its Critical Success Factors - Research Paper Example    Across the world, competition is intensified due to increasing globalisation. Hence, businesses today are facing numerous challenges besides issues of cost or quality of their products and services. Gaining customer loyalty and satisfying their expectations are at the forefront in business operations; hence companies have to products and services that are considered as valuable. By becoming innovative organizations, it is possible for companies to compete in this dynamic and changing business environment. Evidence from research reveals that innovation is one of the paths to maintaining increasingly progressive organisational performance. It is also the key element â€Å"for sustaining competitiveness and ensuring an organization’s future potential† (Wong & Chin, 2007, p.1290). The critical role played by organizational innovation management in organizational performance and progress, makes it necessary for organizations to manage and sustain organizational innovati on well. The inadequate involvement of several companies in innovation management is because of inconclusive and inconsistent research on the subject. This results in organizations failing to capture comprehensive concepts of innovation, and are unable to translate these into practical organizational innovation procedures (Wong & Chin, 2007). Research conducted by Wong and Chin (2007) investigated organizational innovation management as one of the critical means to sustain competitiveness in the long term.  ... Hence, businesses today are facing numerous challenges besides issues of cost or quality of their products and services. Gaining customer loyalty and satisfying their expectations are at the forefront in business operations; hence companies have to products and services that are considered as valuable. By becoming innovative organisations, it is possible for companies to compete in this dynamic and changing business environment. Evidence from research reveals that innovation is one of the paths to maintaining increasingly progressive organisational performance. It is also the key element â€Å"for sustaining competitiveness and ensuring an organization’s future potential† (Wong & Chin, 2007, p.1290). The critical role played by organisational innovation management in organisational performance and progress, makes it necessary for organisations to manage and sustain organisational innovation well. The inadequate involvement of several companies in innovation management i s because of inconclusive and inconsistent research on the subject. This results in organisations failing to capture comprehensive concepts of innovation, and are unable to translate these into practical organisational innovation procedures (Wong & Chin, 2007). Research conducted by Wong and Chin (2007) investigated organisational innovation management as one of the critical means to sustain competitiveness in the long term. The purpose of the study was to develop and validate an organisation-wide innovation management framework. An extensive literature review helped to develop core values and concepts of an organisational innovation management system. Wong and Chin (2007) identified organisational