Innovation maturity is a framework that delivers increased innovation productivity
The term “innovation maturity” implies not only that some companies may have higher levels of innovation capabilities than others, but also that they may be enjoying benefits from their innovation investments that others are yet to realise.
Successful innovators achieve a competitive advantage by utilising best practices including Stage-Gate methodology, Roadmapping and digital automation.
At Prodex, we support your realisation of innovation success through the implementation of these best practices, and we know implementation typically follows a progression from ad hoc innovation through to long-range, strategically planned innovation.
The process of Systematic Innovation integrates the business analysis of markets and opportunities with the long-term strategic agenda for the business. It defines the white space in which to target ideation efforts as well as the governance processes for effective execution of innovation projects.
OUR INNOVATION MATURITY MODEL
The identification and implementation of innovation ‘Best Practices’ has been thoroughly researched and the focus of new product development management research for decades. Leading this field of research for many years has been Dr. Robert Cooper whose studies have identified 3 key drivers of innovation success: Strategy, Process and Resources.
In the parallel world of implementing effective organisational change, the mantra to focus on People, Process and Technology has prevailed. Technology is recognised as a key enabler of increased productivity and, when implemented with due consideration of processes and resources, can deliver significant payback.
Innovation Maturity creates Success
An effective innovation program will shift the portfolio towards fewer projects with bigger returns and better profit margins
Increase the success rate of new products
Reduce time to market for new development projects
DIMENSIONS OF MATURITY
There are many tools and processes which companies use to increase their innovation effectiveness and there are several definable phases of maturity through which companies pass as they progress towards best practice.
Integrating these frameworks, is the basis of the Prodex Maturity Model which places four key drivers of organisational change in Innovation Governance as the horizontal swim lanes and the four phrases of Innovation maturity as the columns.
The four dimensions of the Prodex Innovation Maturity (PIM) model is founded upon the elements.
As companies progress towards maturity in Innovation Strategy, they:
Operate on a longer-term planning horizon
Shift portfolio spending from incremental changes to existing products
Utilise market and technology roadmaps to define product strategy
As companies progress towards maturity in the Innovation process, they:
Move from ad hoc, reactive development towards increasingly defined an systematic innovation processes
Shift from the use of a single Stage Gate model towards a model which has several clearly defined alternate Stage Gate processes
Introduce the use of portfolio management processes to align projects with strategy
Integrate idea management with the Stage Gate process to feed the front end of the innovation funnel
As companies progress towards maturity in Innovation Resource, they:
Move from functionality led innovation towards a collaborative cross functional team approach
Engage resources outside the business to support their cross functional efforts
As companies progress towards maturity in Innovation Technology, they:
Move from the use of discrete documents and files towards integrated workflows
Automate project work flow for discrete processes including Stage Gate and Idea
Integrate Stage Gate and Idea
Enable real-time portfolio reporting
Are at the front end of the innovation funnel
Leverage past project date through ta searchable knowledge management system
The Prodex Innovation Maturity Model provides a framework for the realisation of increased profitability through New Product Innovation. The model is an effective way to communicate the interdependency which exists between the key drivers of innovation performance (strategy, process, resource and technology). It provides a systematic framework for the progression toward an enhanced, world class Product Innovation capability.
Prodex Systems use this model as a framework for defining and deploying its integrated range of consulting, training and technology services to achieve Product Development Excellence.