The essential aim of a business is success in the marketplace. Customer benefit is of great importance in achieving this goal. By means of technology monitoring and innovation management companies can generate customer benefits and stand out from the competition. The introduction of an innovation management system is a necessity here but will not on its own be sufficient. Innovations must be brought to market in short timeframes and in high quality. Without systematic control (goal and planning competence), process know-how (execution competence) and continual monitoring (operational competence) for new technologies and future product optimizations it will not be possible to exploit fully the potential contained in innovations. The quality of innovation management will decide not only whether innovations will be developed but also how successfully. This guideline offers instructions in developing these competences, keeping an overview of this complex process of innovation and successfully guiding it.