Innovation Portfolio Management - Flowchart
A handy tool to help you lay the groundwork for Innovation portfolio mapping for the first time and get strategic and tactical insights on your portfolio to ensure you get the bang-for-your-innovation-buck, always.
We have covered a lot in our Innovation portfolio management guide- so this flowchart is to help you get the most out of all this information, step-by-step. By answering simple questions, it helps you use the tools in the right sequence, ask (and, of course, answer) the right strategic questions on your innovation portfolio and (re)balance your resource allocation based on the information and, often, surprising insights that mapping your innovation portfolio will uncover.
Clarify your strategic objectives based on your company's business strategy.
Use the Innovation project template to 'convert' your innovation projects into mappable elements by capturing critical information on the project.
Map your innovation projects on the Innovation Portfolio map - against your strategic objectives and innovation ambitions.
Answer critical strategic questions around the balance in your innovation portfolio across strategic objectives, innovation ambitions and 'orphan' projects.
Finally, map your innovation projects into your innovation funnel and get additional insights to make data based decisions on resource allocation & track project progress.