Tuesday, August 30, 2016

The Monthly Innovation Brief: Innovation Measurement Aug 2016

Innovation is not just a serendipity, or serendipity can be planned into an innovation.

Innovation takes the cycle of observing-questioning-connecting-networking-experimenting. From a management perspective, innovation is how to transform novel ideas to achieve its business value, due to the hyper-complexity of modern business, innovation is essentially about reducing the unnecessary business complexity to tackle the complexities of business dynamic. Innovation as business activities can be measured in order to improve its success rate. Here is a series of blogs to brainstorm the measurement of innovation management.

Innovation Measurement

An Innovator’s Scoreboard? Innovation is about transforming novel ideas into business values. Innovation score means an attempt to measure innovation; so the factors included in any scoring system will depend on what you are looking to evaluate (individual vs. organization? potential vs. past performance?), this is usually done through innovation indicators. What’re the pros and cons of measuring innovation and score innovators?

Three Challenging Aspects of KPIs? You can only manage what you measure, metrics & KPI (Key Performance Indicator) management is not a simple task, though, approximately there’re 17, 000 KPIs around today, a bit overwhelming, let's not forget that there is a "K" in KPI for a reason, what’re the most challenging aspects of working with KPIs?

How to Assess and Improve Innovation Management Maturity For many organizations, innovations are still serendipitous. However, serendipity can be planned into an innovation project. Serendipity is not a lucky accident, and it can be planned and worked upon. Has a lot of determination and divine providence for those who believe in that. Serendipity will always play some part in the innovation effort, but innovation is both art and science,  Innovation Management is a scientific management discipline, how do you assess innovation management maturity, though?

How to Maximize the Returns on IT Innovations? Businesses today face fiery competition and rapid digital shift either technologically or economically, most organizations are focusing on improving margins by reducing the bottom-line cost rather than top-line growth; as innovation and risk are proportional, improving efficiency takes a little creativity and risk, while working on innovation effort usually takes higher risks and creativity. Still, forward-looking companies will spend more resource on innovation investment in order to reap the fruit for out beating competitors and gaining long term advantage. So the question is how to maximize returns on innovation, specifically, IT innovations, as overall IT project has much lower success rate than other business initiatives?

Shall you Assess Talent's 'Creatibility'? Traditional performance management in most of the organizations usually focuses on measuring employees’ efficiency: are they doing what being told to do well. However, with increasing competition and emergent business changes, should organizations today also assess their talent from innovation angle, in order to cultivate a culture of innovation and improve business competency, if so, HOW, what’re the technique or best practices can be shared

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