That’s the process we adopt here at Innovation Leaders. But how exactly do you apply those performance principles to Innovation Management? We look to install a regular measurement cycle into your innovation process. Our InnovX™ software platform gives you real-time measurement of all your innovation activities. The 6th “P” of Integrated Innovation Management – Performance, brings all the parts together.
The final P of Integrated Innovation – “Performance” drives everything. The critical success factor for integrating and introducing innovation is how how monitor, measure and reward positive activity. ‘People will respond to whatever is being measured’ – and therein lies some serious problems for business today. If you are not careful what you measure or how you measure it then problems will occur.
Too often today, managers are fixated upon P&L reports, which may impress shareholders but are backward looking and record past activities. For those involved in innovation this is like driving a car looking in the rear view mirror. Whilst keeping an eye on current financials is important, future success depends on getting your innovation plans right, implementing them effectively and monitor progress correctly.
How can we help?
Focus. Good innovation managers know what’s important and what is not and they focus upon KPIs that have the greatest impact on what they are trying to achieve. At all times they should understand where they are now, what future bottlenecks there are coming up and how to clear them. Using a lessons learned log or database the great innovator companies understand how to improve performance, time and again.
We help can you manage all your innovation activities, namely:
- Define and agree your Innovation KPIs
- Set a clear review process cycle
- Have regular Innovation Review Board meetings to assess performance
- Agree your Return on Innovation Investment (ROII)
- Be ruthless in assessing value using our V-SAFE methodology