Communicating information to the management through reports and graphs can be a daunting task, as many vital insights can get lost in the process. But there are powerful charts that can be used to simplify complex information about organizational needs, ultimately helping to achieve your innovation objectives. This article will help you to understand how you can enhance the communication of insights to gain your management’s buy-in for innovation efforts.
The support of management and executives is crucial for the success of innovation projects and the improvement of a company's competitiveness. Innovation managers often find it challenging to unify their research, resulting in missed opportunities. Although some innovation efforts have the potential to strengthen the competitive positioning of a company, management may find it difficult to support innovation initiatives without a clear vision of key outcomes.
Accurately visualizing and reporting relevant data plays an important role in convincing management to invest in innovation efforts. It helps aggregate information and packages it in a way that makes relevant insights and opportunities for a business evident. The ITONICS Innovation OS provides easy-to-understand visualizations and charts to communicate insights in different phases of your innovation process. In the following, we present five tools and outline how they help you convince your management to take strategic action and make informed decisions.
Five charts that support strategic decision-making
1. Opportunities and risk radars to identify strategic fields of action
Communicating the relevance of particular trends, technologies, risks, startups, and competitors to stakeholders can be difficult. The ITONICS Radar visualizes complex information and can reveal threats and opportunities. To get started, fill the radar with trends and technologies from the ITONICS Showroom. Our analysts have curated this content and already evaluated it against essential criteria. This helps you get started and find the trends or technologies that you consider most relevant. You can either present a radar to relevant stakeholders on the ITONICS platform or by exporting it as a PDF.
Let’s take the retail industry as an example. You can deep-dive by using the filter function to further understand related trends and technologies for this industry. The radar places the dots based on their potential impact, scope, and other ratings so that you can visually identify the most urgent trends, technologies, risks, and opportunities in view. You can create visualizations that are easy for stakeholders to understand.
Learn how to create your radar in 5 minutes!
2. Timeline and World Map visualizations to monitor trend and technology developments
The ITONICS Insights tool helps you to scan multiple verified sources, such as news articles, patents, and RSS feeds, in real-time. By using the presets available in the software, you can save content and allow your team to centralize research efforts. The tool enables you to quickly compare, track, and monitor drivers of change and observe developments over time through Timeline visualizations.
You can also compare and contrast the development of particular trends and technologies in terms of geographic regions, through World Map visualizations. This may reveal high levels of activity within your own region so that you can convince management to intensify innovation efforts. Alternatively, it could provide the basis for the business to expand to other regions.
ITONICS Timeline visualization
ITONICS World Map visualization
Use the World Map and Timeline visualization by following this step-by-step guide.
3. Dashboards to track innovation projects
The displayed data in the Dashboard are specific KPIs selected by you, which are graphical representations such as project workflow, innovation degree, project health status, and more. The power of the dashboard charts is the visual representation of the data. Knowing the goals of active projects will help you create a follow-up plan to meet the objectives. For instance, when you become aware that 10% of all your active projects are in a “critical” state, you can take action accordingly to achieve a better balance.
As you should be aware of recent developments in innovation projects, to navigate the process correctly, you require quick reporting systems and configurable dashboards to help you to create reports in real time. The ITONICS Dashboard includes seamless reporting functions, which help you communicate project progress to management using visuals such as pie charts and line graphs. Opportunities and derived measures can be discussed with the top management to achieve buy-in and willingness to invest. These dashboards are perfect for monitoring and reporting on innovation efforts. In addition, they serve as a streamlined system to support decision-makers, as they help you to regularly update stakeholders on the project status by using the charts in newsletters or links to the dashboard page.
Learn more about how to create ITONICS Dashboards for quick innovation reporting.
4. Opportunity space matrix to steer portfolios
The ITONICS Matrix helps you display the potential impact of particular drivers of change, by plotting them on the X and Y axis based on your selected criteria.
For instance, when you want to compare the innovation potential and market volume of a concept such as “Circular Economy”, the opportunity matrix illustrates that this is a trend with high potential impact and high scope. Your organization may then decide that strengthening innovation efforts surrounding this particular trend is urgent. The Matrix tool helps you take your reporting a step further by simultaneously communicating information such as potential, urgency, and whether the trend or technology aligns with the company’s core ambition.
The Matrix tool can also be used to understand competitors in your particular industry. The Company Matrix tool illustrates information about various companies. You could, for instance, convince management to increase innovation efforts by contrasting your company with a competitor.
In the example above, adidas stands out as a company with comparatively high disruptive potential and a medium degree of innovation. In addition, the color labels indicate the business relevance of competitors.
Learn more about how to configure your Opportunity Space or Company Matrix.
5. Roadmap visualizations to execute projects
Your team should constantly be aware of the progress and development of innovation portfolios to align with the strategic objectives. The ITONICS Roadmap is a useful visualization tool that helps to keep track and illustrate the progress of innovation efforts. As it structures individual innovation steps of a project, you can utilize it for strategic planning to foresee possible uncertainties and develop solutions for the longer term.
An innovation roadmap consists of four levels: market, product, technology, and resource. You can zoom in or out into specific timelines, projects, teams, and activities. It is useful for innovation reporting and visualizing relations, dependencies, teams involved, and more. The ITONICS Roadmap can be used by a global team to stay informed on project timelines or progress.
Create your own innovation, project, or technology roadmaps here!
How the ITONICS Innovation OS supports innovation reporting
The various visualization tools and features available in the ITONICS Innovation OS help you to save time and increase efficiency when preparing innovation reports. Using visualizations helps to communicate information related to innovation projects easily to relevant stakeholders and decision-makers. Timeline and World Map visualizations, threats and opportunities radars, innovation tracking dashboards, opportunity space & company matrixes, and roadmap visualizations are some of the tools and features available on the ITONICS Innovation OS that support you in reporting convincingly to management.
Get started today and enhance your innovation reporting. Try our tools 30-days for free, or learn more about the features and functionalities of the ITONICS Innovation OS and get a personal demo!