Explain the importance of establishing well-defined steps to strategically manage an organization’s innovation development process. Provide an example of the benefits of a formal process and some of the pitfalls that may be encountered with an informal process or with no process at all.

Employees at any level could have the ideas that move a company forward. The key is how a manager collects, cultivates, and encourages the development of these innovative ideas.
Explain the importance of establishing well-defined steps to strategically manage an organization’s innovation development process. Provide an example of the benefits of a formal process and some of the pitfalls that may be encountered with an informal process or with no process at all.