What are Innovation management critical success factors

If an organisation does not innovate, it will not have longevity as more innovative competitors will begin to outperform a business that is complacent by doing business as usual without creating inventive strategies. This report highlights the critical success factors for innovation management.
The notion of having a compelling case for innovation means that the business environment, strategic objectives for profit gain, or other strategic business issue demands innovation to improve organisational position. An organisation may have a product that is currently reaching the decline stage of the product life cycle, a situation occurring after consumer demand for the product has been reduced and it is getting more costly to sustain the old product on the consumer market. Dooley (2005) emphasises that in the decline stage, inventory controls, cash management, and obsolescence costs can be substantial. In this case, the business must have a case to justify sweeping product changes and determine a new market entry strategy to provide a product that brings revenue gains unique from competition. A business case is critical to coming up with a strategic plan for new innovation offerings.
Having an inspired and shared vision of the future is highly important in innovation management. Fairholm (2009) describes the importance of having transformational leaders in the organisation, those who constantly iterate mission and vision, using relationship development techniques in the social environment to gain commitment and loyalty in teams. A new innovation, whether product-based or human capital-based, will often mean the business is now taking on a new direction in its market. Innovation management, in this case, means developing an organisational culture that is focused, united and dedicated to team philosophy. This often means that senior management officials must be more visible, as was identified by Sebell