An innovation is more than just an invention, which is often the result of a single person‘s inspiration. Austrian economist Joseph Schumpeter described it as the implementation of a new technical or organizational idea, which means that innovativeness is more than just the creative ideas themselves. It is equally important to realize these ideas in the form of successful products. Creativity and a systematic approach are the two sides of the coin that is innovation. Innovation is a team sport involving many disciplines. Any outstanding idea is doomed to failure if, at the end of the process, the price is wrong or the wrong sales channels are chosen. In the global marketplace, the time available for a company to gain an edge with an innovation is becoming ever shorter. To achieve sustained success, the development of innovations must become an ongoing process. This demands long-term planning, because, unlike inventions, innovations can actually be planned, provided that the right tools and methods are used. This white paper explains the significance of innovation management and describes the contribution that PLM solutions can make to providing optimum support for the innovation process from recording and assessing the ideas right through to successful implementation.