Innovation Management

For organizations, the capacity for innovation cannot be separated from the capacity to understand and respond to the changing conditions of its context, to pursue new opportunities and to exploit the knowledge and creativity of people within the organization and in collaboration with external stakeholders. An organization can only innovate more effectively and efficiently if all the necessary activities and other interconnected or interacting elements are managed as a system. An innovation management system guides the organization to determine its vision, strategy, policy, innovation objectives and to establish the support and processes necessary to achieve the expected results.

Working with experts from 59 countries, the International Organization for Standardization created a new management standard in 2019 that enables companies to base their innovation management on guidelines for successful implementation in order subsequently to innovate more consistently and with less risk and to experiment cost-effectively.

This new standard combines current thinking, academic research and foremost decades of experience how management systems can effectively harness, measure and steer hard to grasp concepts such as ideas, IP, product value or customer insights and market adoptance.

The innovation management system consists of the following aspects:

  • leadership, culture, collaboration
  • strategy, direction and strategic initiatives
  • management of risk and uncertainty
  • response to change
  • customer engagement
  • processes and tools (system approach)

NXTKey Corporation is one of the few companies in the world to be certified in ISO 56002. The adoption of the ISO 56002 standard is part of the broader strategic implementation of NXTKey’s Innovation Plan for the coming years.