Innovation, Product and Technology Management

Laier, Peter
Erschienen: 2022
1. Auflage
ISBN: 978-3-947730-31-5

Innovation, Product and Technology Management

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An Innovation is the successful implementation of an invention into the market and is the essential growth driver of economic systems. For companies focusing on innovation as part of their strategy a well-defined innovation strategy and process is crucial. To judge and rank possible innovations, a wide variety of tools have been developed over time. To launch innovations in a frequent manner the selected inventions out of the innovation process need to be transferred into its regular development process. Besides innovating a company need to regularly review and optimize the existing product and technology portfolio with external and/or internal analyses tools. Innovations and the permanently optimized product and technology portfolio are building an integral part of the company‘s strategic planning and budgeting. While annual budgets are commitments and should not be changed, strategic plans are revised on a yearly base. The strategic plan is a comprehensive overview of the company‘s strategy and includes innovation, products, technologies, market/customer strategies and related roadmaps as well as Make-or-Buy and Mergers and Acquisitions (M&A) strategies. Make-or-Buy decisions are usually decided based on commercial, technical and strategic criteria. M&A strategies are derived out of the company strategy and potential targets thoroughly analyzed based on M&A criteria. Selected targets are approached and evaluated with the help of a due diligence. After acquisition, it is crucial to integrate the acquired target with a well-established PMI process.