Innovative management is an approach to management that seeks to challenge conventional wisdom, disrupt an industry, or solve a problem in new and unique ways. Innovative managers are interested in innovation for its own sake, catalyzing organizational and societal change through the creative investment of resources. They do not necessarily have to break new ground or introduce a radically new product, but they may look for ways to solve problems in creative and effective ways that help organizations thrive. Dr. Jordan Sudberg says that innovative management is a way of thinking and acting that is “freeing” and allows the business to better meet customer demand by using new technologies and new approaches to problem-solving.
Pros of Innovative Management
1. Better and faster decision making
Innovative managers are better problem solvers than their competitors. A big reason for their ability to solve problems for their organization is the fact that innovative managers are always thinking about how the company can improve. Innovative managers think about how a new standard could change things or a different way to do something more efficiently. They look at problems differently than traditional managers, and this unique perspective can be very beneficial when making business decisions.
2. Increased revenues
Innovative managers help their company earn more money. The reason for this is simple: the new ideas that innovative managers come up with can lead to new products, services, or strategies. For example, they may increase production or save costs to make more money.
3. Strengthened organization
Innovative managers think about how the company can make more money, so they may develop strategies to grow the business. By coming up with new ideas, innovative managers can make their organization much more robust than it was before. Innovative managers can create a more solid culture for the organization.
4. Creates better teamwork
Innovative managers can help their organization be more successful, allowing employees to feel more valued in their jobs. When employees feel appreciated, they are more likely to feel positive about their jobs and the company. Innovative management can also improve communication throughout the company.
Cons of Innovative Management
1. Possible resistance to change
Innovative managers can sometimes push their ideas on others, which may cause them to feel uncomfortable. Even if innovative managers are not trying to force changes upon the organization, they may still want the organization to be different than it currently is and try to get the organization to change its ways of doing things. This can cause resistance, and resistance can definitely be a bad thing.
2. More risk
Although innovative managers help the company be more successful, they also take on greater risks. Innovative managers may try something new, and they may not see it working at first. They are also taking on financial risks because they are trying to develop new ideas.
3. More stress
Innovative management takes a lot of time and energy because this type of thinking is not common in many organizations. Employees must respect the innovative managers’ decisions and make themselves available to help with the ideas. When employees do not understand how to implement the new ideas, they may feel overwhelmed or frustrated.
4. Communication barriers
Innovative managers can create many different ideas. They may be very focused on their goals, sometimes to the point that they communicate with their employees differently than everyone else. This can lead to misunderstandings.
5. Sudden change
Innovative management can cause some significant changes for the people in an organization. Some of those changes might not be for the best, especially if employees do not understand why things have to be done a certain way. When employees have difficulty accepting new ideas, they might feel that too much change is happening all at once.
Innovative management is a way for managers to look for out-of-the-box solutions to common problems in their company and organization. Dr. Jordan Sudberg calls this type of management “creating freedom. “This freedom is based on the idea that “there is always a better way.” Sometimes it can be challenging to implement all these ideas, but the results are often positive because employees can learn new skills such as problem solving and communication.