Closely plan, implement and monitor innovation projects. Track progress, scale your investments as ideas keep showing promise and always know your return on innovation.
Plan
Define scope, outcomes, and schedule
Manage
Proactive portfolio management
Monitor
Keep an eye on portfolio results
Keep a healthy innovation portfolio
The numbers say that the majority of ambitious innovation projects will fail. That's part of the game, but it means that you have to find out very fast what's working or not and act accordingly.
Plan your innovation projects
Innovation projects are different because of their high uncertainty. Planning is all about developing activities to learn more about the ideas' potential and the ability to realize them.
Define the key tasks and milestones to validate the idea
See what's stuck and needs help before running out of resources
Iterate the initial plan towards a plan that works
Keep an eye on your innovation projects
Zombie projects can drain precious resources and clog your innovation pipeline. Projects that are no longer showing promise and will not create a meaningful impact need to be stopped on time so that you can focus more on the others
Track the appropriate metrics for each project
Make sure teams continue to be all-in on the project
Decide to invest more or discontinue projects based on evidence
Maintain a balanced innovation portfolio
Balance your innovation portfolio to ensure that your company is creating value on all fronts: productivity, transformation and growth.
Build a portfolio that complements your strategic plans and needs
Different goals, metrics and governance for different levels of innovation
Create the right mix of sustaining and breakthrough projects
