Innovation Management

Kapil Rawat | Vice President - Innovation | Citibank, Dublin

What is Innovation Management?

Innovation Management is a great Career option. Unfortunately, it is very difficult to find information about What Innovation Management actually is. Most pages on the internet just talk about How to get into Innovation Management. The most authoritative source of information on Innovation Management is someone with real experience in it.

Vice President - Innovation Kapil Rawat has worked in Innovation Management for 1 year & 7 months. Vice President - Innovation Kapil Rawat defines Innovation Management as:

Innovation management includes a set of tools that allow managers and engineers to cooperate with a common understanding of processes and goals. Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, processes or products.

How Vice President - Innovation Kapil Rawat got into Innovation Management?

I worked for Citibank's Innovation Center for Excellence in Dublin and was responsible for managing two significant innovations in the Global Transaction Services business.

Vice President - Innovation Kapil Rawat's Talk on Innovation Management

The Journey of an Innovation Manager: Kapil Rawat's Insightful Exploration of a Dynamic Field In today's fast-paced world, innovation management stands as a vital profession dedicated to driving progress and efficiency through new technologies and methodologies. Kapil Rawat, an accomplished professional in this field, has a wealth of experience that underscores the importance of innovation in various industries, particularly in banking. In this article, we will delve into Kapil's educational background, the essential skills required in innovation management, the benefits and challenges of the profession, and what a typical day looks like for him as he navigates this exciting career. What Is Innovation Management? Innovation management is the systematic process of implementing new ideas, creating dynamic products, and fostering a culture that embraces change within an organization. It intertwines technology, marketing, and project management to foster advancements that can significantly improve organizational efficiency and customer satisfaction. As Kapil explains, the essence of innovation management lies in understanding how technological advancements can change industries, exemplified through his experiences with digital signatures in banking and the tremendous benefits they introduced. This field requires not only technical know-how but also the ability to lead teams, manage projects, and market innovations effectively. Education Technology A strong foundation in technology is essential for anyone pursuing a career in innovation management. Kapil emphasizes that most innovations stem from technological advancements, meaning a thorough understanding of available technologies is critical. During his time at Citibank, he witnessed firsthand how digital signatures transformed transaction processes, showcasing technology's impact on operational efficiency. Continuous learning in tech trends helps innovation managers stay ahead in a rapidly evolving landscape. Project Management Kapil underscores that project management skills are crucial for overseeing innovation processes. An innovation manager must efficiently coordinate resources, ensure timely deliveries, and manage diverse teams to achieve project goals. Effective project management enables teams to navigate complexities and deliver innovations that effectively solve customer problems. Kapil’s experiences further illustrate that successful innovations often arise from coherent project management practices. Marketing Understanding marketing is fundamental to innovation management as presenting new ideas or products to stakeholders is essential for gaining support and approval. Kapil's journey through meetings with Google and Microsoft highlighted the necessity of articulating the benefits of new technologies, reinforcing that sound marketing strategies can facilitate the adoption of innovative solutions. This skill enables managers to convey how innovations can solve existing issues or enhance service delivery. Contemporary Awareness Being attuned to current trends is another vital educational component of innovation management. Kapil stresses the importance of understanding market demands and customer pain points to foster relevant innovations. This awareness allows innovation managers to create solutions that not only meet current expectations but also preempt future challenges, ensuring their organizations remain competitive. Industry Knowledge Kapil points out the significant requirement for innovation managers to possess in-depth industry knowledge. Understanding both the technological aspects and the competitive landscape within which one operates is critical for successful innovation. By comprehending what competitors are developing and how innovations can differentiate their offerings, managers can strategize effectively. Product Management Product management knowledge is integral to innovation management. Kapil explains that each project can be viewed as a product, requiring a clear vision of its role, user experience, and market positioning. This understanding allows managers to treat their innovations not just as projects but as components of a broader product strategy that seeks to enhance customer satisfaction. Skills Team Work Teamwork is paramount in innovation management since successful innovations arise from collaborative efforts. Kapil recalls leading a diverse team at Citibank, illustrating how different individual perspectives contribute to crafting innovative solutions. Managing a team with varied expertise fosters creativity and ensures that all aspects of a project are considered. Follow Up Effective follow-up skills help innovation managers ensure projects stay on track. Kapil highlights the necessity of following up with team members and stakeholders, particularly when dealing with busy executives. This skill can help push the initiative forward and ensure that timelines are met, mitigating potential delays caused by dependencies. Independent Thinking Innovation thrives on unique ideas, and independent thinking is a critical skill for innovation managers. Kapil advocates for forming individual opinions rather than simply acquiescing to prevailing thoughts. This encourages innovative practices, especially when they challenge the status quo and promote original solutions. Communication Strong communication skills facilitate clear interactions among teams and stakeholders. Kapil stresses that in innovation management, the ability to convey complex ideas succinctly and effectively is indispensable. Communication, both written and verbal, builds rapport with team members and helps in persuading stakeholders regarding the merit of new ideas. Documentation Skills Kapil points out that clear and concise documentation is crucial in innovation management. Accurately recording requirements and meeting decisions ensures that all team members are on the same page, which is vital for maintaining clarity in project delivery and fostering accountability. Analytic Skills Analytical skills enable innovation managers to break down complex problems into manageable parts. Kapil emphasizes the importance of asking the right questions to identify root causes of challenges and devising effective solutions based on a thorough understanding of the situation at hand. Positives Intellectually Stimulating Innovation management offers a stimulating environment where employees are constantly challenged to think critically and creatively. Kapil enjoys the mental engagement that the field demands, highlighting how it encourages continual learning and personal growth. Academic Orientation A career in innovation management often allows professionals to stay connected to academic research. Kapil recalls attending discussions at prestigious universities, linking theoretical concepts to practical applications, thus enhancing his work at Citibank. This interface with academia enriches the professional experience, presenting opportunities for continuous knowledge acquisition. No Sales Pressure Unlike many roles in business, innovation managers typically do not face immediate sales pressure. Kapil appreciates this aspect, as it allows him to focus on long-term innovative strategies without the anxiety of short-term financial targets. This creates a more balanced and less stressful work environment. Business Understanding In the pursuit of innovation, managers gain a comprehensive understanding of their company's overall business processes. Kapil values this holistic perspective, as it enables him to identify improvement areas and contribute meaningfully to organizational growth. High Level Visibility Innovation managers often interact with senior leadership, providing unique professional exposure. Kapil reflects on his experience working directly with high-ranking officials at Citibank, a situation that typically takes years to reach in other roles. This visibility enhances career growth opportunities within the organization. Networking The nature of innovation management fosters networking opportunities at high levels. Kapil notes that when backed by significant organizational visibility, networking becomes more productive, helping professionals to leverage connections that may benefit their career. Challenges Bureaucracy Innovation management is not without its bureaucratic hurdles. Kapil discusses how the significant budgets and team sizes often create layers of approval that can slow down the innovation process. This can lead to delays in execution, hindering the speed at which new ideas can be brought to market. Limited Innovation Despite being in an innovation role, professionals like Kapil may find their ability to drive change limited. Senior management's risk-averse nature and aversion to substantial financial investments can prevent potentially revolutionary ideas from being implemented. This dichotomy between creative thought and corporate constraints can be frustrating. Limited Career Opportunity The roles in innovation management are often fewer compared to other more traditional business roles. Kapil acknowledges that while there may be numerous opportunities in sectors like investment banking or product management, positions in innovation are limited, making progress more competitive. Dependency Much of an innovation manager’s success relies on various dependencies, including technology teams and outside vendors. Kapil explains that unforeseen external factors can drastically affect project outcomes, emphasizing the importance of being adaptable and resilient in the face of such challenges. Stiff Competition Finally, innovation management attracts a diverse range of talent, leading to intense competition. Professionals from both technology and business backgrounds vie for the same roles. As a result, it often requires a combination of skills and a bit of luck to secure a position or advance in this field. A Day Of Ideas A typical day for Kapil begins early, around 6 AM, enabling him to get a head start on researching innovative ideas. After checking emails and responding to queries from his global team, he dedicates significant time to independent research and analysis. This early investing time fosters a productive mindset that aids during team discussions later in the day. He participates in meetings with various stakeholders, addressing project progress, and ensuring documentation accurately reflects discussions. Following his full day at the office, he reflects on how this dedication and structured approach to managing innovation lead him to uncover new ideas and strategies that align with organizational goals. In conclusion, Kapil's insights into innovation management provide a comprehensive view of a challenging yet rewarding profession. As organizations increasingly prioritize innovation to stay competitive, managers like Kapil play crucial roles in bridging the gap between creativity and implementation. This career not only shapes the future of its organizations but also fosters a culture of continuous improvement and learning, ensuring that innovation remains at the forefront of business practices in a rapidly evolving world.

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How to get into

Innovation Management?

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Next, your Career Advisor will help you document how you can get into Innovation Management, what education and skills you need to succeed in Innovation Management, and what positives and challenges you will face in Innovation Management.

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Links for this Talk

Vice President - Innovation Kapil Rawat's LifePage:

[LifePage]
https://www.lifepage.in/page/kapilrawat

LifePage Career Talk on Innovation Management

[Career]
https://www.lifepage.in/careers/innovation-management

[Full Talk]
https://lifepage.app.link/20170910-0001

[Trailer]
https://www.youtube.com/watch?v=S0S_10v9T0I

(Innovation Management, Kapil Rawat, Citibank, Dublin, Management, Innovation, Ideas)

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