13. Innovation Management

Innovation Management refers to the systematic approach organizations use to develop new ideas, processes, or products that improve their performance and productivity. It involves fostering a creative culture, encouraging teamwork, and effectively implementing changes to stay competitive. By managing innovation well, companies can respond to market demands, enhance efficiency, and satisfy customers better, leading to growth and success. In essence, it’s about balancing creativity with strategic planning to ensure that new initiatives align with business goals and deliver meaningful results.