A crucial step for an organization is to learn how to measure the innovation maturity! Because you will get an answer to another important question: How to innovate better?
The innovation audit are an in-depth analysis of different aspects of an organisation’s current innovation capabilities, procedures and processes, examining key indicators, determining strengths and weaknesses. In other words, an innovation audit is a way to understand how your organization is managing innovation and identify which parts of the funnel are working and where more effort is needed.
The purpose of an innovation audit is to understand the innovation process as-is and to avoid initiating and executing expensive and potentially unhelpful innovation strategies and programs. The results of the audit give you a temperature check on where you are at in your innovation journey in the innovation maturity scale. It will highlight barriers to innovation, as well as identify improvements or new methods to maximise innovation capabilities.
Your innovation maturity assessment should include four factors which are essential to develop your innovativeness: strategy, people, processes, and tools. And should encompasses the entire full product lifecycle from idea to launch and through to end of life.
Because, every company has a unique set of capabilities, processes, routines, knowledge, legacy and understanding about what innovation means and how they go about it. Gathering insights from within the organization sets the ground for evidence-based decision making, rather than opinion about the way things should be.
You can start by compiling a quantitative survey that is sent out globally across departments and business units. Then, you can dig deeper and gain insights via semi-structured qualitative interviews in order to compare it and to find out if there is a gap between how senior management portrays their strategic innovation intent vs. how this is working on a daily basis throughout the business.
Innovation audits assist organisations to improve their innovation capabilities. it fosters innovation in the organisation’s culture, and it can align the organisation in common purpose and action. if you can assess how well prepared you are for the innovation journey and adapt your organisation accordingly, you’ll improve or fulfil your potential.
How we can help
These are only, just a few ideas to inspire and give you a starting point. If you need support in setting up your innovation maturity assessment, we are happy to guide you through the process.