Abstract
In the modern business environment, characterized by rapid technological advancements and globalization, abetted by IoT and Industry 5.0 phenomenon, innovation is indispensable for competitive advantage and economic growth. However, many organizations are facing problems in its true implementation due to the absence of a practical innovation management framework, which has made the implementation of the concept elusive instead of persuasive. The present study has proposed a new innovation management framework labeled as “Absolute Innovation Management (AIM)” to make innovation more understandable, implementable, and part of the organization’s everyday routine by synergizing the innovation ecosystem, design thinking, and corporate strategy to achieve competitive advantage and economic growth. The current study used an integrative literature review methodology to develop the “Absolute Innovation Management” framework. The absolute innovation management framework links the innovation ecosystem with the corporate strategy of the firm by adopting innovation management as a strategy through design thinking. Thus, making innovation more user/human-centered that is desirable by the customer, viable for business and technically feasible, creating both entrepreneurial and customer value, and boosting corporate venturing and corporate entrepreneurship to achieve competitive advantage and economic growth while addressing the needs of IoT and Industry 5.0 era. In sum, it synergizes innovation, design thinking, and strategy to make businesses future-ready for IoT and industry 5.0 revolution. The present study is significant, as it not only make considerable contributions to the existing literature on innovation management by developing a new framework but also makes the concept more practical, implementable and part of an organization’s everyday routine.
Highlights
In recent decades, the business environment has changed dramatically due to rapid globalization and technological advancements, especially in information technology
In the absolute innovation management management framework, innovation becomes management becomes the part of organizational strategic vision framework, innovation management the part of organizational strategic vision and mission, and mission, makes the organization innovative fromroot
When becomes part of part of the corporate strategy of the organization, top management will be fully committed to the corporate strategy of the organization, top management will be fully committed to innovation, innovation, which will make the whole organization committed to innovation through the which will make the whole organization committed to innovation through the trickle-down trickle‐down effect of thisFurthermore, commitment.the
Summary
The business environment has changed dramatically due to rapid globalization and technological advancements, especially in information technology. The business environment has become more dynamic and hypercompetitive. To deal with this scenario business models are evolving at a considerable pace and businesses are relying more heavily than ever on innovation for survival. In today’s fast-changing business environment abetted by IoT and Industry 5.0 the only way to survive is to introduce new products and services continuously that can create value for both customers and enterprise. The emergence of concepts like IoT and Industry 5.0 poses new opportunities and challenges for business.
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