Digitalization is changing markets and business models at an ever-increasing pace. Digital Disruption, i.e. the radical change of markets through innovative digital business models, is shaping numerous industries.
For companies, the question arises: Can digitization be managed within the frameworks of classical innovation management or does the company need a Chief Digital Officer? Companies have developed a wide variety of solutions to this question: Some combine classic innovation management and the challenges of digitization under the umbrella of innovation management. Others distinguish between analog innovation management and digital innovation management. Others have subdivided the innovation management of the digitization unit.
There are numerous overlaps between innovation management and digital transformation: products must be developed that are compatible with trends such as the Internet of Things. Often it is product innovations that are the prerequisite for the development of digital business models. Sometimes, the development of digital services and business models even requires the development of new products. Whether companies drive innovation management and digital transformation within one structure or in separate structures – digitization is always a task of traditional innovation management.