Assessing Innovation
Assessing innovation involves evaluating the effectiveness and impact of new ideas, products, or processes within an organization. This assessment typically includes analyzing factors such as market potential, feasibility, and potential risks. By systematically evaluating innovation, businesses can make informed decisions about resource allocation and strategic direction.
6 Key excerpts on "Assessing Innovation"
eBook - ePubContextual Innovation Management
Adapting Innovation Processes to Different Situations
- Patrick van der Duin, Roland Ortt(Authors)
- 2020(Publication Date)
- Routledge(Publisher)
...This improvement relates both to the comparison with the period when the contextual approach was not used and to competitors who do not innovate contextually. In the (unlikely) event that all competing organizations innovate contextually, contextual innovation management can no longer help achieving a competitive advantage. It would then mainly be about which organization is the first to discover the right contextual factors and the extent to which innovation processes can be adjusted accordingly. 7.4 Introduction Since assessing the contextualized innovation processes is a rather extensive step and vital to the overall success of contextualized innovation processes, we devote a specific section to it. Step d. Assessing Contextual Innovation Management Results and Adapting and Improving the Approach Innovative companies score better on indicators such as market share, profits, and sales than companies that are not innovating or are innovating less. Measuring the innovativeness of an organization is therefore extremely important. There are different ways of measuring innovation in circulation. Dundon (2002) formulated a list of general recommendations that can be used for this purpose and Tidd et al. (2001) developed a list of more specific innovation indicators that therefore can truly be considered an innovation audit. Another example of such an innovation audit is by Gaynor (2002), which contains an impressive amount of twenty-six topics that are divided into four clusters: culture, resources, infrastructure, and process. The innovation audit of Tidd et al...
eBook - ePubThe Framework for Innovation
A Guide to the Body of Innovation Knowledge
- Frank Voehl, H. James Harrington, Rick Fernandez, Brett Trusko(Authors)
- 2018(Publication Date)
- Productivity Press(Publisher)
...Measuring innovation effectively is contingent on understanding the details of the innovation process, its inputs and outputs, and its controls. State of Measures of Innovation • The creative problem-solving group : Data shows that innovative companies outperform in the areas of risk-taking, play or humor, challenge or motivation, and idea support. The most significant factor that differentiated an organization for innovation is risk-taking. Innovative companies that encourage risk-taking by their employees included the following nine criteria to evaluate the link between climate and organizational innovation: Many of the previously mentioned criteria have a core set of questions: • What data to collect • How to collect data • How to analyze the data • How to interpret the data • How to drive improvement Paul H. Jensen and Elizabeth Webster of the Melbourne Institute of Applied Economic and Social Research (MIAESR) identified four specific dimensions to the problem of measuring innovation. They are as follows: • The innovation process may take years from concept to commercialization. • In the narrow sense of innovation, the novelty of products or services is difficult to benchmark, and the process measurements are difficult to adjust. • Time carries an important economic value for the innovation process. Therefore, innovation measures must have some way to adjust for value over time. • Much of the innovation activity is categorized as unobservable and is not reported in conventional methods. The authors, Jensen and Webster, identified three main characteristics of innovation measures: type of innovation, stage of pathway, and firm characteristics. The measures of innovation in their reported research included patent applications, trademark application, design application, expert assessment, journal counts, and survey of managers...
eBook - ePubVigilant Innovation
Configuring search and select processes to avoid disruption
- Bill Russell(Author)
- 2020(Publication Date)
- De Gruyter Oldenbourg(Publisher)
...Organizations are betting that they can make the idea work for stakeholders inside and outside the firm, that they can manage the project(s) to plan, and that the returns will be greater than the resources put into it. The fourth phase is all about capturing value from the innovation project(s). How can organizations ensure that all the work and effort has been justified, either in financial terms or in the creation of social value. How can the organization make sure that competitors do not just adopt the idea, and make it work for them? The organization will consider what it has learned from the innovation initiative, and how it can deploy the learning in the future to best effect. The approaches that organizations take to innovation vary significantly. However, the product development funnel process described above operates widely. Firms like Procter and Gamble seek to pick up signals about potential needs and technical options, develop a strategic concept, finalise a range of products, and then seek to capture the value from all this work through an integrated and high impact launch process. Sustaining innovation is typically driven forwards by established firms, and involves changing internal processes, following the same basic process, triggered by perceiving and validating needs through signals that identify both the need for change, and the options for change. The majority of product centred innovation involves relatively incremental changes to existing products, or new variants that exploit established knowledge sets. The innovation paradigm includes products and services, an organization’s supply chain, public service delivery such as the NHS in the UK through over a million staff, small/medium sized enterprises (SMEs) and large companies with formal R&D operations, organizational and market ecosystems...
eBook - ePubBusiness Models for Strategic Innovation
Cross-Functional Perspectives
- S.M. Riad Shams, Demetris Vrontis, Yaakov Weber, Evangelos Tsoukatos, S.M. Riad Shams, Demetris Vrontis, Yaakov Weber, Evangelos Tsoukatos(Authors)
- 2018(Publication Date)
- Routledge(Publisher)
...Innovativeness represents a basic willingness to depart from existing practices and venture beyond the current state of the art (in order to sustain the competitive advantage underlying the innovation). (Lumpkin and Dess, 1996, p. 142, as cited in Vrontis et al., 2012, pp. 422–423; Shams and Kaufmann, 2016, p. 1257) Here, the focus of discussion is to illustrate insights on the ideas, novelty, experimentation or creative processes that are planned and implemented, based on the ten cross-functional business perspectives in innovation management, in order to develop a new product, service, idea or technological process. Table 12.1 demonstrates these insights. Table 12.1 Cross-functional business perspectives for strategic cross-functional innovation management in business Chapter number The cross-functional business perspectives for strategic innovation management The key factors of strategic innovation management (ideas, novelty, experimentation or creative processes) Innovated product/service/idea/technological process Innovation management outcome (corresponding to the arguments of Figure 1.1) Driving factors Mediating factors 2 Neuroscience and its impact on marketing management Data collection about the target market Influencing the behaviour of the target market - Cognitive/Perceptual image of the target market Applications of neuroprosthetic devices for gathering data and influencing behaviour of the target market Internal and/or external (intra and/or inter firm and other stakeholders’) use of the innovated product/service/idea/technological process for optimising value for all associated stakeholders, in order to ensure a superior competitive advantage 3 Information and communication science...
eBook - ePubBuilding a Culture of Innovation
A Practical Framework for Placing Innovation at the Core of Your Business
- Cris Beswick, Derek Bishop, Jo Geraghty(Authors)
- 2015(Publication Date)
- Kogan Page(Publisher)
...Taking account of the customer mix will help to drive any move towards greater diversity as well as forming the basis of the intelligence the organization will need as part of the innovation mix. Incorporating self-assessment measurements into the mix at this early stage can bring twin benefits. Firstly, by comparing initial and subsequent results the leadership team can more easily keep track of the way in which the culture of innovation is diffusing throughout the organization, thereby acting as an early warning system should implementation slip at any stage. Secondly, and perhaps more importantly, by involving employees in assessments at an early stage the leadership team can send out a strong signal that they are serious about innovation and that they are actively looking for employee participation in the development of a culture of innovation. With one of the key planks of an innovation culture being open collaboration, the sooner employees are involved the more likely they are to be open to the idea of cultural change. Innovation maturity A key element of the cultural assessment is the identification of the current level of innovation maturity within the organization. It may be an old saying but ‘you can’t manage what you can’t measure’ is an important warning for leaders seeking to change culture around innovation. Every company starting out on this journey will undoubtedly be at a different stage of ‘innovation maturity’ as by its very nature every organizational culture will be different and will work in a different (unique) way. Some will be reserved, some robotic, some will be creative, some will be toxic but whatever the nature of the culture it will have an effect on the level of innovation and hence ‘maturity’ at which an organization starts its journey as well as on the optimum pathway which an organization will need to follow...
eBook - ePubThe Business Model Innovation Process
Preparation, Organization and Management
- Yariv Taran, Harry Boer, Christian Nielsen(Authors)
- 2021(Publication Date)
- Routledge(Publisher)
...A company may start with any of these questions, and revisit them several times, as the answers depend on each other. The questions are: Innovation content: “What should we innovate?” The answer to this question is related to the business model value drivers and configuration. Innovation scale: “How far do we go in view of our risk appetite?” This question essentially enquires about the innovativeness of the new business model, in terms of radicality, reach, and complexity (Section 2.4.2). Innovation (openness) scope: “Where should we stand in the closed- open innovation range?” Innovation decision making: “How should we approach the ideation process?” This question considers the type of strategic decision making supporting each of the eight ideal business model innovation types best. 4.5.1 Innovation content: what should we innovate? In Section 2.4.1, we argued that the business model should be considered as the platform of all innovation types. Traditionally, business model innovation was assumed to be only one type of innovation, amongst other innovation possibilities. However, we argued that the five value drivers can be linked to the various “traditional” innovation types, and business model innovation should therefore be considered as the overall innovation platform, rather than a single type on its own, separate from all others by definition and process characteristics (see e.g., Table 2.2, and related text). Clearly, the higher the number of value drivers changed, the higher the complexity, and the bigger the change of the focal value drivers, the higher the radicality (see Table 2.3 for examples). Searching for or designing and, then, assessing alternative business models may be a rather unstructured, i.e., nonlinear, process, in which practitioners move up and down through various levels of business model abstractions...
