Everyone knows about ROI, as in “return on investment.” But for evaluating the success of an experiential brand event or marketing campaign, businesses should take an equally close look at ROI, as in “return on innovation.”
Given the difficulties in developing and working with metrics and measures for open innovation and ecosystems, I have pulled together some inspiration and insights from several articles.
This is the second part of a three-part article series. In the first part we illustrated that firms are investing heavily into the early phase of innovation. In this second part we show that despite of all these investments, innovation results remain disappointing. We call this the “corporate innovation problem”. We provide some metrics and find that there are two root causes. In the upcoming third part we will suggest that six levers can be used to address one of the root causes. We believe that moving these levers can provide a solution to the corporate innovation problem – and ultimately lead to increased innovation performance.
Innovation leaders today don’t have an easy job. Tasked with bringing Innovation to their organization, they often face a variety of interpretations of innovation throughout the organization, a lack of comprehensive understanding of what innovation really entails, and what it requires to truly embed innovation in a way that it sustains itself.
85% of UK workers believe the strategic objectives of their employers could more easily be met through innovative approaches. Fortunately, the innovation discussion in business is progressing. Yet although most organisations acknowledge the desperate need for change, they are still at a loss when it comes to taking action. Workforces are a goldmine for the insight needed to drive change in an increasingly competitive business environment - but this knowledge must be captured to unlock innovation.
Innovation Assessment is one of the pillars of an innovation program. Evaluation should be done as an on-going activity and revised with the most valuable feedback gathered along the entire innovation journey. In the third of a series of articles focused on Innovation Culture, we are going to propose a different approach for Innovation Assessment that by offering a different user experience could increase awareness, engagement and elicit more valuable contributions from key stakeholders.
You can’t go an entire commercial break during the World Cup or a State of the Union address without hearing the word innovation pop up at least once or twice. Companies have added innovation to their company values and mission statements in accelerating numbers.
The collective wisdom of your co-workers is a huge asset in the fuzzy front end. But which challenges do you need to address and solve in order to create a structured and effective employee driven innovation process? Read more about a method using idea markets as a powerful incentive. And it has already proven its worth in a number of large Scandinavian companies.
As innovation is a necessity for any organization today, the ability to assess and measure the progress and impact of your innovation efforts might be a true source of competitive advantage. This in-depth article offers fresh experiences, best practice and insights from how a number of multinational companies within the MedTech, telecom and manufacturing industries are working with establishing and implementing innovation measurement programs.
Practitioners in each new field emerge to explore its early, exciting promise, reconciling that potential with the results they achieve in reality. The rapidly emerging and rapidly evolving field of collaborative innovation is no different in this regard. In this article Doug Collins shares his perspective on the current state of affairs in terms of where the field stands, relative to the claims made on its behalf.
Studies have shown that companies’ return on innovation (ROI) or hit rate is somewhere between 2-10%. That is another way of saying that around 90% of all innovation efforts are never commercialised or used in general. Jørn Bang Andersen, senior advisor to the Nordic Innovation Centre (NICe), presents a NICe case study on possible ways to dramatically change that.
At Orange, the international mobile and fixed carrier issued from France Telecom, there is a strategy to diversify the services it offers to its users and has set up Orange Vallée as an external entity to drive innovation. Nicolas Bry tells us more about how the system works.
Measuring innovation is tough on most counts – unless you happen to be lucky enough to create new blockbuster products. One way to make strategy easier to frame and guide is to have a set of leading indicators telling you if your innovation efforts are working out. Deb Mills-Scofield looks at how to set up the lead indicator process through 'Lens Shifting'.
How successful is Open Innovation as an innovation method? For leaders like Proctor and Gamble the answer is obvious but the same can't be said for the vast majority of enterprises taking this route. Doug Berger takes the soundings.
Can we bring an open collaborative spirit to understanding, describing and prescribing innovation methods? Paul Hobcraft and Jeffrey Philips believe we can and that it will greatly simplify the innovation process. Here's the beta version of a collaborative open innovation framework.
