Innovation management is the systematic process of fostering and implementing new ideas, products, or services within an organization. It involves identifying opportunities for improvement, encouraging creative thinking, and developing strategies to bring innovative concepts to market. This process helps organizations stay competitive and adapt to changing market demands. Effective innovation management requires collaboration across various teams and departments. It often includes tools and techniques for brainstorming, prototyping, and testing ideas. By managing innovation effectively, organizations can enhance their performance, drive growth, and create value for customers and stakeholders.