Let your innovation initiatives support the overall business strategies
Linking your innovation projects to trends and upcoming technologies to identify “white spots” in your portfolio
Innovation is key to sustained competitive advantage in a dynamic global marketplace. An organization’s strategy determines what kind of innovation is required based on its customer value proposition. The aim is to establish a balanced innovation portfolio so that, in the event of a disruptive change in the market, the company already goes through a systematic process of creating new innovations, while at the same time maintaining current cash cows and reducing declining business.
The golden ratio for a balanced innovation portfolio can be expressed with the 70/20/10 model. 70 % of a company’s portfolio and budget allocation should, therefore, be aimed at protecting and maintaining the core business. Innovation efforts regarding “new” projects count for around 20 % of the company’s portfolio. 10 % is recommended to be of a transformational character and new to the market.
- How to define a company’s strategy in an agile way?
- How to monitor what’s going on in a corporate ecosystem (startups, competitors, trends/ customer needs, technologies, etc.)?
- How to evaluate these developments and create strategies to react?
- How to manage the portfolio of innovation projects and related investments?
- How to get the required capabilities and skill sets into the company?
The ITONICS innovation and strategy platform can support you in:
- visualizing how different innovation initiatives are supporting the overall business strategies.
- interlinking innovation initiatives with each other or different components of the project execution (emerging trends and technologies, strategic roadmaps, organizational capabilities.
Benefits of managing balanced innovation portfolios
Gap analysis and strategy alignment
Smart innovation investments
Integrated end2end approach
Knowing who does what
Individual performance management
Portfolio Management Features
to assess the degree of disruption potential, feasibility, effort and benefit.
to map how related trends, technologies or projects are supporting different business strategies.
to monitor the most important KPIs and success factors of single projects
as strategic planning tools to understand how certain innovation initiatives are supported by technologies and capabilities or the respective strategy layer above.