Businesses are currently in a realm of global competition and the rapid pace of development in technology and communication has made the competition even tenser as product cycles are shortened. Constant innovation is required to keep businesses afloat and grow continuously. However, in an attempt to achieve these goals, ad hoc innovation is an inadequate response to keep businesses at the forefront as it is not systematic and efficient enough to provide a constant edge over rivals. Thus, there is a need for a more systematic approach i.e. innovation management. Unfortunately, the task remains difficult for managers as there are many disciplines within innovation management. There are also no universal innovation management models that suit all industries. Rather this paper attempts to suggest tools that improve innovation management by facilitating the process of decision making according to strategic risk management and allocation of resources.