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INNOVATION MANAGEMENT

Innovation literally means to renew, as into improving or replacing something that

already exists. This can be a product or a service. Within the business context,

innovation is the trace that distinguishes companies. Innovative companies are the

ones who are leading, thus increasing their competitive advantage.

When a company gathers a key number of factors, like branding, quality of services,

customer service, it is said that it is competing more effectively than its peers.

Innovation requires continuous efforts and consistent renewal to create value from

companies, and this notion leads us to the innovation management concept.

If innovation refers to redoing or creating something new, innovation management is a

strategic process to manage new ideas, from the ideation to the take action phase

aiming at turning an idea into reality.