DIGITAL INNOVATION MANAGEMENT: FRAMEWORKS, STRATEGIES, AND FUTURE PERSPECTIVES

Abstract

Digital innovation management has become crucial in today's rapidly evolving business landscape, marked by technological convergence, accelerated development cycles, and emerging market opportunities. This paper, employing a systematic literature review methodology to critically analyze and synthesize existing literature, offers an in-depth analysis of digital innovation management, examining its unique attributes, frameworks, and best practices. The Digital Innovation Process Model (DIPM) is highlighted, emphasizing the importance of incorporating digital technologies throughout the ideation, development, and commercialization phases to create value and achieve competitive advantage. The challenges and strategies associated with managing digital innovation are explored, such as striking a balance between agility and stability, nurturing collaborative innovation ecosystems, and fostering organizational cultures that promote digital innovation. Additionally, emerging theoretical perspectives like digital innovation logic and platform logic are discussed, shedding light on the converging nature of digital innovation and the role platforms play in value co-creation. In formulating a digital innovation management strategy, the focus is on aligning innovation efforts with business objectives, fostering a supportive organizational culture, and harnessing the power of digital platforms for collaboration. Lastly, potential avenues for future research are outlined, including assessing the impact of digital innovation on performance, investigating the interplay between digital innovation and emerging technologies, and examining the influence of public policy and regulation on the digital innovation landscape. This paper strives to provide a comprehensive understanding of digital innovation management and its implications for organizations, strategists, and researchers.

Keywords

• Digitalization
• Innovation
• Strategy

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