Organisations that have clearly defined the areas in which they are to innovate have greater returns on their innovation investments. Clear innovation strategies provide focus for the organisation and define what competences are required to be successful.
Approach
Innovation Factory applies a structured approach to develop and formulate an innovation strategy:
- Strategic intelligence; gathering the necessary information. On the one hand, this encompasses formulation of the company´s information need, and on the other hand thorough analysis of this information.
- Identification of opportunities for innovation. Revises the innovation portfolio for understanding the actual situation, identifies new opportunity fields and details these opportunity fields in a cyclic procedure.
- Evaluation of the possibilities for innovation. The innovation opportunities are evaluated by analysing the strategic fit, assessing qualitative and quantitative key figures and setting the direction for ‘Make or Buy / Keep or Sell’.
- Formulation of an innovation strategy. The innovation strategy is decided and formulated based on the corporate strategy.
- Definition of the need for organisational structures and processes.
- Definition of the required organisational competences.