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Innovation in the Era of IoT and Industry 5.0: Absolute Innovation Management (AIM) Framework

School of Management, Wuhan University of Technology, Wuhan 430070, China
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Information 2020, 11(2), 124; https://doi.org/10.3390/info11020124
Received: 14 January 2020 / Revised: 20 February 2020 / Accepted: 21 February 2020 / Published: 24 February 2020
In the modern business environment, characterized by rapid technological advancements and globalization, abetted by IoT and Industry 5.0 phenomenon, innovation is indispensable for competitive advantage and economic growth. However, many organizations are facing problems in its true implementation due to the absence of a practical innovation management framework, which has made the implementation of the concept elusive instead of persuasive. The present study has proposed a new innovation management framework labeled as “Absolute Innovation Management (AIM)” to make innovation more understandable, implementable, and part of the organization’s everyday routine by synergizing the innovation ecosystem, design thinking, and corporate strategy to achieve competitive advantage and economic growth. The current study used an integrative literature review methodology to develop the “Absolute Innovation Management” framework. The absolute innovation management framework links the innovation ecosystem with the corporate strategy of the firm by adopting innovation management as a strategy through design thinking. Thus, making innovation more user/human-centered that is desirable by the customer, viable for business and technically feasible, creating both entrepreneurial and customer value, and boosting corporate venturing and corporate entrepreneurship to achieve competitive advantage and economic growth while addressing the needs of IoT and Industry 5.0 era. In sum, it synergizes innovation, design thinking, and strategy to make businesses future-ready for IoT and industry 5.0 revolution. The present study is significant, as it not only make considerable contributions to the existing literature on innovation management by developing a new framework but also makes the concept more practical, implementable and part of an organization’s everyday routine. View Full-Text
Keywords: Absolute Innovation Management (AIM), design thinking; innovation management as a strategy; Innovation Ecosystem; Internet of Things (IoT), Industry 5.0; competitive advantage; economic development; implementing innovation; innovation framework Absolute Innovation Management (AIM), design thinking; innovation management as a strategy; Innovation Ecosystem; Internet of Things (IoT), Industry 5.0; competitive advantage; economic development; implementing innovation; innovation framework
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Aslam, F.; Aimin, W.; Li, M.; Ur Rehman, K. Innovation in the Era of IoT and Industry 5.0: Absolute Innovation Management (AIM) Framework. Information 2020, 11, 124.

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