• Soft methods are tools, which can help you transform a new idea into a commercial success.
  • It is also seen as a range of tools, techniques, and methodologies that help companies to adapt to circumstances and meet market challenges.
  • The focus is on improvements, which aim to distinguish a company from its competitors or to consolidate its presence in the market.

FEATURES OF SOFT METHODS

  • Ability to cope with co-operation and team work.
  • Ability to take advantage or to be compatible with the internet.
  • Degree of diffusion and generalization in its applicability Whether copyrighted or patented.
  • Whether designed to address a specific topic or a general concern.
  • Existence of readily accessible information describing best practice.
  • Phase of innovation cycle concerned.

ADVANTAGES OF INNOVATION MANAGEMENT

Promote co-operation and team work Encourage entrepreneurial initiative

Strengthen the Knowledge management within a firm Integrate science, technology, and market in fluent systems Emphasize on global-oriented approach

Accelerate and shorten the time-to-market in innovation projects Increase efficiency using more advanced information technologies Promote HRM as strategic area within the business.