Innovation Management: Realizing The Value Of Innovation

What is Innovation Management?
These days, given the increasing velocity of change and the expanding number of change drivers (e.g., customer expectations, technology, regulation, emerging market growth, political instability, natural resource availability, and  environmental health), you cannot go far without the topic of innovation being raised. Branding agencies,  marketers, corporations from all industries, the public sector, and academia all bandy the term around, talking about how innovation is essential to the success and sustainability of their institutions. But what does innovation really mean? And, more importantly, how is the value of innovation realized?
First, innovation is not the same as creativity. Creativity is the process by which one identifies / invents something new or renews something that already exists. Innovation is the process by which the value of the creation or idea is  realized. For purposes of this article, innovation spans ideation to value realization; and Innovation Management  is the cultivation of an environment where lightning can strike twice.
While realizing the value of an idea, let alone coming up with a continuous pipeline of ideas, is not easy, it is not impossible. Surmounting the challenge requires a systematic, senior executive-sponsored, cross-enterprise approach that incorporates the right processes, people, operating model, tools, and culture.

Full story at http://www.tcs.com/SiteCollectionDocuments/White%20Papers/Innovation-Management-Realizing-Value-0913-1.pdf

This article explain in structured ways in managing Innovation. Starting from new ideas to selection, implementation, value realization and innovation strategy innvovation. The life cycle is continuous cycle of strategy setting, ideation, selection, implementation, and value realization