In a global and highly competitive environment, innovation is becoming riskier and costlier. Against this backdrop, firms are challenged to allocate their innovation resources efficiently to obtain the most benefits. To this end, integration of management systems and open innovation are internally- and externally-oriented managerial practices, respectively, that may foster innovation efficiency. However, they have been scarcely researched jointly. Based on longitudinal analyses of 220 Spanish firms, this study concludes that integrating management systems could foster innovation efficiency. Conversely, open innovation might hinder it. It is also evidenced that innovation efficiency is relevant to boost the sales productivity of new products.