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Developing a best-in-class innovation enterprise
This document discusses developing an innovation-driven enterprise and assessing innovation performance. It outlines ten critical factors for innovation success, including organizational vision, metrics, hiring practices, and culture support. An online survey called the "Innovation Assessor" measures these factors. Comparing department and group scores to norms reveals innovation strengths and gaps. The "Innovation Promoter Score" tracks progress over time. The goal is to discover opportunities and develop plans to continuously improve innovation performance towards best-in-class.
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Developing a best-in-class innovation enterprise
- 1. Developing a Best-In-Class InnovationDriven Enterprise
- 2. Best-In-Class are ProvenPerformers
- 3. • Every Best-in-ClassInnovation Enterprise Must Develop “the Fertile Ground” for Innovation to Grow & Thrive • This begins with an Assessment of how your company performs versus other companies and peers on The Ten Critical Innovation Drivers
- 4. The 4 P’sof innovation (Mel Rhodes1960/ Osborn-Parnes 1950) Place: Ensure a team work climate supports idea development. Person: How to optimize diversity. Process: The stages we work through to produce creative outcomes. Product: Define desired innovation outcomes.
- 5. The 10 CriticalFactors for an Innovation-Driven Enterprise comprise the “Wheel of Innovation”
- 6. What are theCritical Questions? ORGANIZATIONAL VISION Does the organization have a clearly spelled out vision for the company? Is the vision of the company translated through tools and processes that are in place and are practiced throughout the company? MEASUREMENT AND METRICS Does the organization employ metrics to measure the results of the innovation efforts & is there at least one system in place to evaluate ideas if it is working effectively.? HIRING PRACTICES Does the organization have hiring practices that specifically target individuals who are creative & bring innovative ideas to the company? REWARDS Does the organization have rewards in place to encourage employees to be innovative? And do the employees understand what the payout is when they expand their creative energy? DEDICATED BUDGETS FOR INNOVATION Are the budgets used throughout the organization designed to allow for innovation practices?
- 7. What are theCritical Questions? INNOVATION INITIATIVES Are innovation initiatives systemic and are they expected & encouraged at all levels of the organization? SATISFACTION WITH RESULTS Is there general satisfaction with the results of the innovation practices the organization employs? LEADERSHIP’S SUPPORT Does the CEO/President support a culture of innovation throughout the entire organization & looks for ways to make new ideas flourish? CULTURE SUPPORT Does the corporate culture support all innovation and permit reasonable risk taking? OPEN COMMUNICATIONS Does the organization have a process for open and transparent communication and feedback on all aspects of the innovation process?
- 8.
- 9. Finding the Answers •Best-in-Class Innovation-Driven Enterprises will do well on the 10 Factors • But where does your company stand on the critical Innovation Drivers?
- 10. Introducing the “InnovationAssessor” Developed via Bloomberg/Business Week and Coles Center for Innovation at Kennesaw State University A Series of 32 questions administered via online survey requiring <= 10 minutes to complete These questions all merge into the 10 Key Factors. Administered across departments to key employees with at least 70% having known “touch points” to the company innovation process & pipeline. Sample usually in the hundreds & participation strongly encouraged by senior management
- 11. Plans and Development Phase1 • Initial “Innovation Assessor” Survey • Review Results, Initial Assessment Phase 2 • Set Target Objectives • Develop Remedial Plans & Training Phase 3 Etc. • Tracking Net Innovation Promoter Score • Continue Plan of Ongoing Improvement
- 12. Discovering Enterprise Strengths& Gaps 0 1 2 3 4 5 CEO Communications Hiring Practices Vision Systemic Metrics Rewards Budget Satisfaction Culture Enterprise Ratings v. Norm Norm Company 0 5 10 15 20 CEO Communications Hiring Practices Vision Systemic Metrics Rewards Budget Satisfaction Culture Enterprise Top 2 Box v. Norm Norm Company
- 13. And the EnterpriseGroup Ratings to Norms 0 5 10 15 20 25 Enterprise Group Top 2 Box Ratings v. Norms Norm Company R&D Group Marketing Operations
- 14. Leading to Detailed Enterprise-LevelPositions Senor Mgmt Encourages Innovation My Manager encourages innovation Budgets for Innovation Clear processes for Innovation Sr. Mgment Supports Innovation Culture of innovation Innovation Metrics Employees allowed to take Risk Innovation Success is Documented Mid Managers can budget innovation Team collaborations on Innovation Promoted for Innovation Ideas Innovation rewards & incentives Employees empowered for Innovation Innovation Assessor Department Perceptual Map Metrics & Tools Rewards Innovation Management Support Company Innovation Goals clear Org. Hires Innovators Company attracts innovative people Mktg Insights Bus. Strategy R&D Finance Operations Sales Executive Officers Clear criteria to eval. innovations Innovation Culture Satisfied with Org Innovation Innovation Satisfaction Systemic New Innovation Initiatives Continuous empowerment to support new initiatives Hiring Practises Support Innovation Does not penalize new ideas Marketing San Diego Office NY Office Atlanta Office
- 15. Best-in-Class means aCulture of Learning & Continuous Improvement
- 16. The Innovation PromoterScore (IPS) (four key factor top 2 minus bottom 2 divided by 11) -10 -8 -6 -4 -2 0 2 4 6 8 10 2016Q1 2016Q4 2017Q2 2017Q4 2018Q2 2018Q4 * * * * * -8.63 And a Plan which Charts the Journey towards Best-in-Class