Innovation Management : The Ability To Balance Short-Term And Long-Term Goals
Innovation Management also requires a willingness to take risks. This means being willing to invest in new technologies or ideas that may not be fully proven or that may not generate an immediate return on investment. It also means being willing to experiment and to learn from failure. Companies that are not willing to take risks are likely to fall behind their more innovative competitors. One of the most significant challenges in innovation management is the ability to balance short-term and long-term goals.
The process of developing and implementing fresh concepts, goods, or services that benefit customers and enhance an organization’s performance is known as Innovation Management. It is a crucial component of contemporary business and is necessary for organizations to maintain competitiveness in today’s dynamic and constantly shifting business.
