Promoting innovations in companies through novel mangement approches

Abstract

In the present age of information, fostering innovation stands as a pivotal factor for organizations seeking to enhance their performance. Within this study, we delve into the effective enhancement of business innovation within organizations by employing appropriate management strategies. Among the array of strategies devised and executed to facilitate innovation, we uncover certain methods that wield more direct and efficient impacts. These encompass unique and innovative HR practices, the establishment of set goals, inspiring creativity at the workplace, building a corporate environment, encouraging diversity and inclusion, changing organizational culture, and establishing teams to oversee innovations. The purpose of the study is to explore and analyze the effective upliftment of innovations in organizations by revealing the various management strategies. In the present era of information, innovation plays a vital role in the performance of organizations, and the study aims to reveal strategies that directly foster innovation. The objectives of the study are to evaluate the strategies to foster innovations within the workplace and analyze the impact of those strategies. As a study related to the promotion of innovations through the implementation of novel management strategies, the researcher needs to remain contextual rather than deducing from literature, whereby a qualitative approach is undertaken. The research paradigm is a constructivist study where a general qualitative data analysis is done. Findings include unique and innovative HR practices, the establishment of set goals, inspiring creativity at the workplace, building a corporate environment, encouraging diversity and inclusion, and changing organizational culture. Suggestions include investigating the allocation and management of resources, particularly funds, for various forms of innovation and catering to the pressing need to explore strategies that facilitate and promote innovation, particularly within small and medium-sized enterprises (SMEs). These practices are derived from interviews with professionals at selected leading companies in Sri Lanka.