Monday, August 14, 2017

The Monthly “Performance Master’ Book Tuning: Innovation Performance Management Aug, 2017

Corporate Performance Management is a management control from strategy till shop floor. "If you can't measure, you can't manage," legendary management guru Peter Drucker once asserted. He was right Managing performance means understanding results, setting metrics, fixing plans, and making decisions to ensure it happens. It takes multi-faceted approaches from multidimensional perspectives. Here is a set of blogs to brainstorm Innovation Performance Management.

                    Innovation Performance Management  

Innovation Management Assessment and Measurement For many businesses, creativity is the mystery and innovation is a serendipity. In fact, innovation is how to transform novel ideas and achieve its business value. Due to the hyper-complexity of modern businesses, innovation is also about reducing the unnecessary business complexity to tackle the complexities of business dynamic. It can be managed in a structural way. If you can only manage what you measure, how to measure innovation effectively?  

Innovation Measurement: How to Do it Right? Innovation is the light every organization must pursue now, but most of the innovation initiatives fail to achieve the expected result. Druck is credited as saying: “We can only manage what we measure.” What is stopping you from measuring top line impact from innovation, how much revenue is generated by innovations launched in the last 5 years? Are innovation failures caused by the time lag, inefficiency of financial systems? Is your innovation process not so clear with limited information on what has been done, or something else for ineffective innovation management, like a fuzzy or not well-communicated strategy goals? And innovation measurement, how to do it right??

How to Maximize the Returns on IT Innovations  Businesses today face fiery competition and rapid digital shift either technologically or economically, most of the 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.       

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 Measure Innovation Performance? Innovation is about how to implement the creative idea and achieve its business value. One can only manage what it’s being measured. It is also true for innovation management.  Innovation performance metrics and tools can help companies think systemically about business innovation.

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