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Innovations should clearly contribute to growth, optimization and protection of the business. However, CEOs often challenge innovations already at the beginning of respective discussions and huge amounts of ideas get lost, together with prospective business benefits. Join this live IM Channel One event on December 3rd to learn how to get the attention of the executive management, including investment related issues.
Innovation Assessment is one of the pillars of an innovation program. Evaluation should be done as an on-going activity and revised with the most valuable feedback gathered along the entire innovation journey. In the third of a series of articles focused on Innovation Culture, we are going to propose a different approach for Innovation Assessment that by offering a different user experience could increase awareness, engagement and elicit more valuable contributions from key stakeholders.
Turning ideas into numbers and knowing the characteristics of the Ideal Idea (0.00iur) is like having a compass and knowing the safe harbor where the minimal risks of innovation converge. Mathematically identifying desired ideas by users, extracted from simplified mathematical formulas, is the Holy Grail that eliminates uncertainties and passionate discussions, which are unhelpful in choosing ideas.
How does the new Readiness Assessment Tool help to generate more and better innovation, as well as faster and cheaper innovations that bring revenues? Apply the assessment tool to your own company to create a common understanding of what holistic innovation management means, to structure, analyze, and measure the innovation potential of your firm, identify areas of improvement, and ultimately to design and implement recommendations tailored to the unique position of the firm.
There are dozens of different metrics that you can apply to the innovation process. In this excerpt from The Innovation Master Plan, we look at the 12 that are useful to most organizations, as well as the entire set of 92 metrics.
Amy Radin became one of America’s first Chief Innovation Officers when Citigroup appointed her to the role in 2005. She is currently Chief Innovation officer at E*Trade Financial, the leading online discount stock brokerage. Amy talks to Innovation Management about what it takes to be a head up on innovation in a major corporation.
June 14, 2013 | By: Marc Erkens, Susanne Wosch, Dirk Luttgens and Frank Piller | In: Enabling Factors, Strategies
Thanks to loads of compelling research studies and best practice cases in open innovation (OI) carried out over the last decade, several companies nowadays begin to embrace and partially apply the new principles and methods OI offers. However, when managing open innovation at the project level, even experienced managers still go blank at the question: how to assess, control, and measure the performance of these activities? In this series of articles, we will address the above issue by discussing a general framework for an open innovation performance measurement system (Part 1). Given this framework, a metricsbased management toolkit will be presented that provides a suite of key performance indicators (KPIs) for a specific set of OI methods that demonstrates the key results of our Open Innovation KPI 2012 Study (Part 2).
Many activities in organizations that are considered innovative risk being missed if we solely use the standard toolkit to measure innovation. In this article we will look at three types of scales that measure intangible aspects of innovation that are easily added to the toolkit of any organization.
One of the most common questions people ask me is how I measure innovation when conducting my research. The question echoes an underlying concern about how innovation can be captured and adequately measured. In this article I delineate the most frequently used innovation indicators, their strengths, and their drawbacks.
Successful programs like TQM, Balance Scorecard and Six Sigma dramatically improve quality and performance. They are designed to rightfully calibrate the hard asset issues of production. There is a serious lack of three dimensional modeling for soft issues, like innovative thinking and the dimensions of the core vision itself enveloping all production issues. These image supremacy rules challenge current methods and offer checklists to assess the need of newer, softer and special agenda-centric approaches.
“What cannot be measured cannot be managed”. The pressure to measure the results of innovation is gaining ground, but has been a challenge for many innovation managers. To get past this challenge, Caspar van Rijnbach suggests using the six W’s to define the right measurements for you.
Every innovation project starts from an idea or a problem and mostly, all innovation teams do jump immediately to the feasibility study and scenario analysis dedicating little or no time to the assessment of the risks of innovation projects. This series of article represents an extended dashboard of internal, external and hidden risks of such projects in aiding innovation teams throughout their risk management activities. The first article looks deeper into what drives a successful innovation eco-system.
Experience and research tell us five key success principles are seen across the cultures of ‘serial innovators.’ The good news: These characteristics can be adapted for any company, regardless of industry.
Developing and supporting the practice of collaborative innovation takes time and money. What do we assess to weigh its value? In this article innovation architect Doug Collins proposes focusing on strategic alignment of the program, relative advantage of the ideas, and engagement of the community members.
As innovation is a necessity for any organization today, the ability to assess and measure the progress and impact of your innovation efforts might be a true source of competitive advantage. This in-depth article offers fresh experiences, best practice and insights from how a number of multinational companies within the MedTech, telecom and manufacturing industries are working with establishing and implementing innovation measurement programs.