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Innovation management is the structured process of handling new ideas, from their creation to implementation, to drive growth and maintain competitiveness. It involves generating, capturing, evaluating, and executing innovative concepts across products, services, processes, and business models. Organizations use innovation management to systematically encourage creativity, manage risks, and align innovations with strategic goals. Tools such as idea management platforms, innovation workshops, and cross-functional teams are often used to foster collaboration and ensure that innovative ideas are developed into practical outcomes.

Effective innovation management also requires balancing short-term efficiency with long-term growth opportunities. Companies must create a culture that supports experimentation, accepts failures as learning opportunities, and encourages collaboration across departments. By implementing innovation management practices, businesses can adapt to changing market conditions, leverage emerging technologies, and meet evolving customer needs. This not only enhances competitiveness but also ensures sustainable growth in an increasingly dynamic and uncertain global business environment.

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