Innovation Management and Innovation Strategies in Businesses

Abstract

Innovation management is an important factor for businesses to gain and maintain competitive advantage. It can be said that innovative businesses are more effective in meeting customer demands. For businesses, innovation means innovating in products, processes, marketing activities, or organizational management. Technologies such as Metaverse, blockchain, internet of things (IoT), and artificial intelligence used for this purpose both offer businesses the opportunity to innovate and transform the way businesses work. New goods and services enable businesses to grow in the current market and make it easier for them to expand into new markets. Innovative businesses have more advantages in achieving sustainable growth and profitability. Innovation management offers competitive advantage, customer satisfaction, cost savings, and growth opportunities for businesses. Factors affecting innovation management cover various areas such as management support, organizational climate, technological infrastructure, customer needs, and competitive pressures.