Innovation is now a hot topic across industries as enterprises struggle to overcome the impact of not only the COVID-19 health crisis but also major geopolitical tensions that bear an impact on economies, consumption patterns, and regulations.
Organizations need to develop and implement innovation strategy in addition to upgrading existing innovation practices, through learning and continuous improvement, and developing new innovative products and go-to market strategies.
While most organizations feel the strategic imperative to innovate, measuring innovation maturity, synergy, and organizational alignment are key challenges for most. The thrill and attraction around innovation and its associated actions often overlook the ability to put a process of rigor around the ‘ability to innovate’ as a key competency for organizational innovation. This is perhaps a key differentiator between the few top innovative organizations across the world and the plentiful others. The ‘ability to assess enterprise innovation maturity’ alongside the ‘ability to innovate’ are complementary as innovation strategies largely determine the magnitude of dividends that emerge out of organizational innovation.
Top innovative companies capitalize on realized innovation as industry leaders, while others search for varied strategic positionings in order to be competitive. Under the prevailing circumstances, there are challenges and threats that go beyond competition. While enterprises struggle to overcome the present health crisis and its impacts on economy, consumption, regulations, and geopolitics, being innovative is a perennial pursuit – an endless marathon.
This paper aims to highlight the key aspects to measure the effectiveness of innovation strategies along with key areas covering innovation metrics.