INNOVATION ASSESSMENT

WHY INNOVATE

Strategic need:

 

Do we innovate for profit or market share or both?

 

Do we innovate incrementally or radically?

 

Innovation strategy:

 

Do we depend on market trends

Do we focus on understanding and fulfilling customer needs

Is the innovation driven by superior technological understanding?

Innovation is essential today for organisations to stay relevant. While organisations are busy working on exploiting and optimising existing business with mostly incremental improvements/innovation, they are failing to prepare staying relevant in the medium to long term.

 

Unfortunately, it is not sufficient to innovate once, organisations need to build capabilities to innovate over and over again. Our innovation assessment service assists the organisation in understanding their innovation capabilities.

 

The innovation assessment is done using the Innovation360 framework, based on Magnus Penker’s work. We examine 3 key elements of an organisations innovation capabilities

TYPE OF INNOVATION

Traditional focus of innovation has always been product. However, innovation can be of many types and organisations need to carefully select the type of innovation.

How can you innovate the way you make money (business model, networks)?

 

How can you innovate your core and enabling processes?

 

How can you innovate the offerings (product performance, product systems and services)?

 

How can you innovate your delivery of product and services?

HOW TO INNOVATE

Innovation is not an art, it’s a science and can be approached in a systematic fashion. We examine how the organisation approaches innovation. 

What style of leadership suits your innovation strategy?

 

What innovation capabilities and tools does your organisation need and have?

 

How is the innovation process managed?

Over the last decade, Innovation360 Group’s founders have studied what innovative capabilities must be in place to explore and commercialise modern opportunities. The Innovation360 framework is based on the research of Magnus Penker and is one of the comprehensive models of innovation. An assessment using the InnoSurvey® provides a systematic assessment of the organisations capabilities and provides a roadmap for developing sustainable capabilities.

 

The InnoSurvey® uses the world’s largest database on innovation; 1000 companies in 62 countries, and provides insights into how the best companies in the world approach the challenge of staying relevant in 3 horizons; short term of 1 to 2 years, medium term of 3 to 5 years and long term of greater than 5 years.

 

The assessment is based on a research based 92 question survey, that takes feedback from management, employees and external stakeholders (board, suppliers & customers) regarding the organisations ability to innovate new solutions, products, process, business model etc. Alignments between strategy, leadership, culture, capabilities and competencies are explored and highlighted

The assessment also provides an innovation footprint based on 66 capabilities giving a clear view of your strengths and weaknesses as well as providing global benchmarks.

 

In addition, the analytics capabilities of the platform help answer important questions; Does the organisation have innovation strategy aligned with strategic focus in different horizons? Is the leadership style aligned to enable the strategy? How are capabilities aligned with focus areas in different horizons?

 

We are happy to help you explore how your organisation can understand it’s innovation capability.

INNOVATION STRATEGY

One of the realities in the globalized and digitised world is the greater pace at which products and services are becoming redundant. The world has shrunk, markets have become global, resulting in increased opportunities and threats. Availability and ability to process vast amount of customer data into insights has meant that organisations are able to innovate at a faster pace than ever.

 

Every organisation must learn and build competencies to innovate. We help in this journey through a structured approach.

The engagement results in very tangible roadmap focussed on strategy, capability and management system

INNOVATION STRATEGY

Develop an innovation strategy using 3 horizon approach

  • Identify environmental & competitive challenges in the core market, growth opportunities and future market.

  • Identify strategic goals and key themes for innovation in 3 horizons (next 12 months, next 12-36 months, +36 months).

  • Identify innovation priorities, key initiatives and portfolio of innovation projects in the 3 horizons.

  • Set the stage for a structured governance model, organizational design and process development.

INNOVATION CAPABILITY

Implement processes that enable innovation and build capabilities

  • Identify gaps in processes that are essential for sustained innovation capability (e.g. NPD processes, sales processes, management systems, production process, Portfolio management system etc.).

  • Develop point initiatives to address gaps and implement solutions

INNOVATION MANAGEMENT

Design and implement innovation management system

  • Implementing a customized innovation system

  • Coaching in the hypothesis-based approach, how to set up experiments and how to run ideation campaigns

  • Implementation of ideation management process

Reach out for further insights and discussions to krishnan@thinkhorizonconsulting.com

Call: +919791033967