Want to shift gears with your innovation program?
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We all want to be innovative. If our organisations don’t innovate, in these times of fast, globalised change, we may well stagnate – and that’s risky.
Innovation programs are springing up everywhere – from government departments to retailers, from water utilities to professional services firms. Exploring these programs, though, we see huge variety, and we also see some organisations talking the talk – but not really walking the walk.
So how do you know if your innovation program is fit for purpose?
Of course, the details of what’s going to be best for your organisation are not the same as what’s going to be best for another organisation. Nevertheless, there are a number of key capabilities that are always sensible to address and build on when setting up and running an innovation program.
We’ve used our own industry research and consulting experience of these key capabilities to create a first-of-a-kind online service: an interactive innovation capability assessment tool, free for you to use. This tool measures your strength in the key capabilities you need in a modern innovation program, and then gives you a personalised action plan report that shows you how you can improve.
There are four dimensions of the assessment and benchmark:
- Context & Goals – here, we examine how well-aligned your innovation capacity is with your organisation’s broader strategies, how committed your senior leaders are to innovation initiatives, and to what degree your organisation understands the market context for innovation.
- Idea Sources – where we assess the breadth and variety of sources of innovation ideas employed by your overall innovation program. Employing multiple sources (and potentially weighting them) will avoid inherent biases, and blending approaches together will also allow participants to engage in the way that’s most natural for them.
- Structure & Operations – in this dimension, we assess how well-defined your organisation’s structures are for supporting and enabling innovation, and how it funds innovation initiatives.
- Method & Process – here, we assess your organisation’s ability to set realistic and appropriate targets and timescales for innovation impact, establish appropriate means by which to measure progress effectively and accurately (with confident prediction of outcome), and review these measurement approaches regularly to ensure they remain appropriate.
The tool is now available for use on the MWD Advisors website, and we’re really excited to see how you get value from it!
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