A survey by CBInsights in 2018 of 677 global leaders, (CB Insights Research. (2020). State of Innovation 2018. [online] Available at: https://www.cbinsights.com/research/report/ state-of-innovation-2018/), showed that
1. 84.9% rate innovation is most important for their organization
2. 41% of executives said their companies are extremely at risk or very at risk of disruption
3. Despite the importance attached, 78% of innovation portfolios are focussed on iterating and improving the status quo rather than disruptive risk
This continues to be the state of the affair even today across organizations; most organizations recognize the need for innovation but are yet to initiate a coherent approach to managing innovation. As a result, most organizations are depending on the trending innovation tools (design thinking and the likes) and the ingenuity of the employees.
Fortunately, a more systematic approach is possible, one that is built on sound theories. I have been fortunate enough to be working with Magnus Penker and Innovation360 Group and have been able to successfully use the 360-degree approach to innovation developed by them to help organizations to manage their innovation capability. Magnus and Innovation360 have built the world’s largest database of innovation capability (over 6000 companies in 100+ countries), the InnoSurvey®, enabling organizations to systematically analyze their innovation capabilities and benchmark them with the best in the world.
The framework enables us to examine organizations' aspirations and capabilities systematically.
The InnoSurvey® assessment 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 organization have an innovation strategy aligned with its strategic focus in different horizons? Is the leadership style aligned to enable the strategy? How are capabilities aligned with focus areas in different horizons?
The InnoSurvey® also allows us to link ambition to capabilities using correlation analysis. This enables the organization to develop
Evidence-based recommendations for how to design the organization
The innovation capabilities to be strengthened
How to implement a customized innovation system for sustainable growth and profit.
The framework and tools available with us make it possible to assess the innovation system of an organization in a very short period (weeks, not month) and develop a roadmap at a rapid speed that today’s organizations crave.
Innovation is no miracle. It's not the output of a few bright minds (maybe it will happen once with some luck).
We help organizations overcome the challenge of serendipity associated with innovation and build systematic capabilities to innovate using globally our innovation framework, AI-based analytics, and robust implementation framework. Reach out to me if you would like to assess your organization's innovation capabilities.
Krishnan is an Innovation Management Black Belt with more than 25 years of experience. His purpose is to help India and it's entrepreneurs be global leaders in innovation