Innovation & Project Management - Partners in Growth

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Innovation & Project Management - Partners in Growth

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Innovation & Project Management - Partners in Growth

  1. 1. Integrating Innovation Strategy & Project Portfolio Management Paul R. Williams, PMP Think For A Change, LLC.
  2. 2. What Is The Difference Between Creativity & Innovation? <ul><li>Creativity: The purposeful and organized pursuit of new ideas </li></ul><ul><li>Innovation: Acting on ideas to develop new products, services, processes and/or business models </li></ul>Creativity = Spending money to generate ideas Innovation = Spending ideas to generate money
  3. 3. Innovation – The Reality
  4. 4. What Is The Difference Between Project and Portfolio Management? <ul><li>Project Management: The discipline of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives. </li></ul><ul><li>Portfolio Management: The method of organizing similar projects as part of an overall investment or strategic portfolio. </li></ul>Project = Deliver One Thing Successfully Portfolio = Deliver many things successfully and strategically
  5. 5. Portfolio Management – The Reality
  6. 6. 20 Years???
  7. 7. Nine Basic Steps of Innovation <ul><ul><li>Problem Identification: </li></ul></ul><ul><ul><li>1. Root Cause Analysis & Definition </li></ul></ul><ul><ul><li>2. Applying Existing Knowledge to the Problem </li></ul></ul>
  8. 8. Problem Identification (Panic)
  9. 9. Nine Basic Steps of Innovation <ul><ul><li>Problem Identification: </li></ul></ul><ul><ul><li>1. Root Cause Analysis & Definition </li></ul></ul><ul><ul><li>2. Applying Existing Knowledge to the Problem </li></ul></ul>Idea Generation: 3. Applying Idea Generation Techniques
  10. 10. Idea Generation (Killing)
  11. 11. Nine Basic Steps of Innovation <ul><ul><li>Idea Management System: </li></ul></ul><ul><ul><li>4. Idea Input </li></ul></ul><ul><ul><li>5. Idea Feasibility Analysis </li></ul></ul><ul><ul><li>6. Idea Selection </li></ul></ul><ul><ul><li>Problem Identification: </li></ul></ul><ul><ul><li>1. Root Cause Analysis & Definition </li></ul></ul><ul><ul><li>2. Applying Existing Knowledge to the Problem </li></ul></ul>Idea Generation: 3. Applying Idea Generation Techniques
  12. 12. Idea Selection (Cobbling)
  13. 13. Nine Basic Steps of Innovation <ul><ul><li>Idea Management System: </li></ul></ul><ul><ul><li>4. Idea Input </li></ul></ul><ul><ul><li>5. Idea Feasibility Analysis </li></ul></ul><ul><ul><li>6. Idea Selection </li></ul></ul><ul><ul><li>Problem Identification: </li></ul></ul><ul><ul><li>1. Root Cause Analysis & Definition </li></ul></ul><ul><ul><li>2. Applying Existing Knowledge to the Problem </li></ul></ul><ul><ul><li>Prototype & Implement: </li></ul></ul><ul><ul><li>7. Idea Implementation </li></ul></ul><ul><ul><li>8. Idea Feedback </li></ul></ul><ul><ul><li>9. Idea Changes </li></ul></ul>Idea Generation: 3. Applying Idea Generation Techniques
  14. 14. Implementation (Sort of…)
  15. 15. The Innovation Project Portfolio Concept <ul><li>APPROACH </li></ul><ul><li>STRATEGY </li></ul><ul><li>BLEND </li></ul><ul><li>COMMITMENT </li></ul><ul><li>ENGAGEMENT </li></ul><ul><li>BALANCE </li></ul><ul><li>EXTRAORDINARY </li></ul>
  16. 16. The Innovation Project Portfolio Concept <ul><li>STEP 1: </li></ul><ul><ul><li>Define your portfolio APPROACH </li></ul></ul><ul><ul><ul><li>A portfolio is nothing more than a logical collection of strategically similar projects </li></ul></ul></ul><ul><ul><ul><li>An innovation project is simply the management of an idea as defined above in the nine step process </li></ul></ul></ul>
  17. 17. The Innovation Project Portfolio Concept <ul><li>STEP 2: </li></ul><ul><ul><li>Develop a STRATEGY or risk profile on “incremental vs. breakthrough” and “sustaining vs. disruptive” innovation initiatives </li></ul></ul>
  18. 18. The Innovation Project Portfolio Concept <ul><li>STEP 3: </li></ul><ul><ul><li>Ensure the innovation portfolio matches the incremental vs. breakthrough strategic BLEND </li></ul></ul><ul><ul><ul><li>For example, if you decide that your organization should devote 70% of the time to product extensions and 30% of the time on new-to-market products, your innovation portfolio would have a 70/30 mix of these types of new idea projects </li></ul></ul></ul>
  19. 19. The Innovation Project Portfolio Concept <ul><li>STEP 4: </li></ul><ul><ul><li>Ensure that you have a broad range of COMMITMENT on the Innovation Portfolio Management Team from across your organization.  </li></ul></ul>INNOVATION PORTFOLIO MANAGEMENT TEAM PROJECT MANAGEMENT OFFICE INFORMATION TECHNOLOGY MARKETING FINANCE LEGAL HUMAN RESOURCES
  20. 20. The Innovation Project Portfolio Concept <ul><li>STEP 5: </li></ul><ul><ul><li>Ensure that you have Senior Leadership ENGAGEMENT </li></ul></ul><ul><ul><ul><li>Preferably a strong decision maker with authority </li></ul></ul></ul>
  21. 21. The Innovation Project Portfolio Concept <ul><li>STEP 6: </li></ul><ul><ul><li>Ensure that you constantly BALANCE the innovation management portfolio against the overall organizational strategy </li></ul></ul>
  22. 22. The Innovation Project Portfolio Concept <ul><li>STEP 7: </li></ul><ul><ul><li>Hire and retain EXTRAORDINARY project, program and portfolio managers!!! </li></ul></ul>
  23. 23. Innovation Needs Project Management <ul><li>KEY POINTS: </li></ul><ul><ul><li>Each step along the overall organizational creativity and innovation process requires management of a set of tasks, resource availability/time, issues and risks, decision points, etc.  </li></ul></ul><ul><ul><ul><li>In essence, project/program/portfolio management skills </li></ul></ul></ul><ul><ul><li>By combining the skills of a project manager with the skills of an idea generator, we have the ingredients for successful innovation </li></ul></ul><ul><ul><ul><li>A dreamer...matched with a doer </li></ul></ul></ul><ul><ul><li>By combining the discipline of project management with the free-wheeling excitement of idea generation, we have increased the odds of innovative success </li></ul></ul><ul><ul><ul><li>Unbridled enthusiasm...matched with a set of tasks leading to an end </li></ul></ul></ul>
  24. 24. Project Management Needs Innovation <ul><li>“ The real source of wealth and capital in this new era is not material things.. it is the human mind, the human spirit, the human imagination, and our faith in the future.” </li></ul><ul><li>Steve Forbes </li></ul><ul><li>&quot;Innovation distinguishes between </li></ul><ul><li>a leader and a follower.&quot; </li></ul><ul><li>Steve Jobs </li></ul><ul><li>&quot;The winner is the chef who takes the same ingredients as everyone else and produces the best results.&quot; </li></ul><ul><li>Edward de Bono </li></ul>
  25. 25. Fight The “Antibodies”
  26. 26. Prepare for the Next Revolution! <ul><li>“ Sometimes…corporate culture change happens via revolution… </li></ul><ul><li>… The coming revolution will be fought over ideas and the desire of people to be free to bring new ideas to light (true innovation) versus the pursuit of following the processes of others (best practices)” </li></ul><ul><ul><li>Tom Peters </li></ul></ul>
  27. 27. Use of BrandCamp cartoon images courtesy of Tom Fishburne and SkyDeckCartoons.com. Check out his new book “ This One Time At Brand Camp ” on Amazon.com!

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