Does that sound familiar?
Having worked with corporate clients across different industries through multiple economic and financial up and down cycles, we have seen this many times before. That’s why we have written this innovation portfolio management guide.
What types of innovation opportunities should you explore? How do you ensure a balance of ambition and risk? Or that you don’t get carried away by the excitement?
We have been there too. Whether it’s in response to a crisis or disruption or due to a strategic imperative, sometimes our clients find themselves paralysed by the sheer number of opportunity areas to explore. It can be much, too fast, too soon… without a real strategic view on where their innovation pipeline needs work and what types of innovation projects need to focused on.
Support for innovation is so hard to build and maintain within a large organization. We understand how important it is to show real progress and business impact to keep the momentum – to be aware of the innovation portfolio ‘gaps’, the areas that need rebalancing, and the parts of your portfolio where the pipeline needs to be filled with more ideas. This is where Innovation Portfolio management comes in. When you link your innovation portfolio to your business strategy and map all your innovation projects against your business strategy (and different innovation ambitions), you can identify what types of ideas you need to source, whether you need to balance your portfolio towards the shorter term or longer term and how you can use your resources most efficiently.
So if you’re an innovation manager, or head of innovation - either at a global or local level - overseeing multiple innovation projects and managing a pipeline of innovation ideas, you can benefit from this guide.
Whether your organization is hunkering down in anticipation of a recession or building up its innovation muscle, managing your innovation portfolio to bolster your business goals will ensure you go beyond innovation theater, bring focus into your innovation efforts and maximize impact. Read on and get the step-by-step process and tools that we have used with our clients to help them do exactly that.