Prepare to regularly revitalise your core value proposition through internal and external innovation. This is more than just an ideal goal for the modern business. It is an essential survival skill in a hyper-competitive world.
How innovative is your organisation in comparison with the rest of your industry? Where are your strengths and which capabilities need immediate attention? Where do you want to be by 2020? What’s the bigger picture for the long term?
Many critical thinkers over the years have observed that you cannot overcome your current challenges with the same thinking that brought you to this point. It will require a level shift in strategic planning to get ahead, but some organisations are better prepared than others to face that reality and move in new directions.
Fortunately, an Innovation Capability is something that can be learned and improved on through iterative practice. It starts by reviewing your strategy, leadership, culture and capabilities for innovation – all summarised within the InnovationIQ.
The InnovationIQ measures the internal alignment and external expression of your readiness for disruptive market turbulence on the road ahead. Each client will see their InnovationIQ score generated anew every year by one of our consultants or one of our Licensed Practitioners and tracked for trend analysis.
It establishes a baseline to compare what is trending in your Innovation Index, which places your company within the larger context of innovation challenges at the regional or country level.
Your InnovationIQ immediately communicates your readiness for the changes ahead to all of your key stakeholders – your board, your customers, your employees, tour talent market and the greater marketplace. You will be able to display your InnovationIQ anywhere from your website to your annual report, just as you would a great credit rating by Dun & Bradstreet or a Grate Place To Work.
Based on their InnovationIQ scores and Innovation FootPrint from the InnoSurvey™, organisations can identify the priorities of their next strategic initiatives and start moving in the right direction. They can begin developing a long-term Innovation Culture that is conducive to practical creativity. They can foster the work of Innovation Leadership experts who are able to guide change agent teams in profiting from the pathways and mistakes of others.
To set an individualized baseline for development, we assessed the innovative capabilities of more than 1,000 companies operating across 62 countries. Based on multi-faceted data analysis from our InnoSurvey™ database, we found it possible to distill the genetic components of fruitful innovation for the business community.
These elements have been visualised and codified in the report called the InnovationIQ. Here’s a brief overview of the Innovation IQ scoring categories and their implications for strategy:
InnovationIQ 0-30: Lack of innovation capabilities, no clear strategy, leadership or culture in place for innovation.
InnovationIQ 31-50: Some innovation capabilities in place. Strategy, leadership and culture should be developed further to empower innovation.
InnovationIQ 51-70: Strong innovation capabilities in place. Strategy, leadership and culture aligned with the innovation capabilities, but there is room for major improvement.
InnovationIQ 71-90: Very strong innovation capabilities in place. Strategy, leadership and culture are aligned with the innovation capabilities, but there is room for minor improvement.
InnovationIQ 91-100: Superior innovation capabilities in place. Strategy, leadership and culture highly aligned with the innovation capabilities.
This score gives you insights into the specific Innovation Management challenges facing your organisation in the context of changes to your industry. Data points cover potentialities in areas such as supply chain, service openings, customer engagement, value capture and targeted learning channels.
We recommend best practices for assigning innovative development projects across three horizons.
Horizon one covers immediate and incremental improvements that return measurable impacts and keep the IT infrastructure at peak performance. Horizon two introduced workable concepts that offer the greatest promise for expansion or market capture, assuring revenue for the future.
The third horizon is the most creative and expansive, commercializing applications from the second horizon in original and unpredictable ways. Although these ideas present the most significant potential, it will take precise and intelligent deployment of technologies from the first two horizons to get there.
Innovation readiness analysis should concern itself just as much with internal processes as with external offerings. Your InnovationIQ score will indicate which areas could profit most from new approaches, both in terms of profitability and market share.
From there, you can go on to re-imagine the interactions of your high-performance teams or test out business prototyping sessions. There are many pathways that lead you to streamlined workflows and stronger revenue streams, but they all begin with an assessment of how ready you are now to seize new ideas and make them work.
If you want to assess your innovation readiness and get an InnovationIQ, contact us directly and we or one of our nearby licensed practitioners (we have licensed practitioners in +20 countries today) will help you out. Contact us here.