Innovation Management
What is Innovation?
Unfortunately, the word Innovation has turned into a buzzword, and everyone claims to be innovators, creating confusion around what Innovation actually means. There are many definitions, and here’s one to consider:
Providing customers with solutions that solve their problems.
Innovation Management Framework
Let’s think of Innovation as a framework for achieving this goal. Below is an example of a complete framework, which can then be broken down into its composite parts.
Business Environment
A clear picture of the business environment within which our organisation and customers exist.
Strategy
Based on a comprehensive understanding of the business environment, we determine the optimal business strategy.
Idea Selection
A defined process to generate ideas and validate them to pinpoint the best ideas to be implemented.
Portfolio
Determine the optimal portfolio of products and what portfolio of technologies is required to develop new products.
Lifecycle Plan
Establish the lifecycle where existing products are discontinued, and new products are introduced.
Delivery Process
Deliver the new product based on a defined process that minimises risk.
Delivery Practices
Techniques employed to carry out the delivery activities, e.g., Scrum/Agile, Theory of Constraints, etc.
Governance
Ensure that activity and investment ($, resources, time) decisions align with the business strategy and that the agreed-upon processes are being used appropriately.
Knowledge Management
Leverage knowledge to improve efficiency, effectiveness and quality of decision making.
To discover what the innovation framework for your business would look like, contact us.