Innovation Audit: Assessing an Organization’s Level of Innovation
What are our current innovation strengths, and how are we using them?
An Innovation audit is simply an analysis of an organization’s immediate innovation capacity Regarding its day-to-day activities and strategic objectives.
In renewing an organization’s innovation strategy, conducting an innovation audit is the starting point.
Here’s how Gumi assesses your innovation capacity.
First, we understand misalignments can occur, causing the following inquiries to be made:
- Why is there a lack of emergence of market-changing innovation products/services, even with the setup of a mature innovation structure
- Why is there a difficulty in connecting new business models or concepts to built-up innovation strategies?
An innovation audit is carried out following some crucial steps, to which discovered answers will build a foundation for a viable innovation strategy. Completion of these steps will unlock profitable future growth opportunities with clear plans for the organization.
Is Innovation auditing another jargon?
No, it isn’t, what we can tell you is that this is one ‘grammar’ that can prevent an organization from committing to, initiating, and executing expensive and unhelpful innovation strategies and programs.
Its sole aim is to the true internal processes of the organization — the hazy goals — while eliminating waste of resources (human capital, time, and money).
Two pivotal advantages of this internal research
1. Making data-centric decisions.
Setting ground for evidence-based decisions helps in the design thinking process for the development of programs tailored to meet the organization’s needs specifically. Through this process, the organization gets to define what innovation means and how they go about it. Uniqueness is understood.
2. Working on imposed visions and goals.
Envisioning a design thinking process for the development of an effective innovation process, employees’ opinions across the organization’s business units and departments are sought and taken into account.
How does Innovation auditing work?
First, we mark up all doors.
A compiled quantitative survey tailored to the specific organization is set up. The survey is then sent out to all business units and departments of the organization globally with a focus on assessing the organization’s innovation capabilities.
Goal: To understand how innovation is currently run in the organization to later compare results with insights garnered from semi-structured interviews with the senior management, who have access to a broad view of innovation processes within the organization.
“Is there a gap between how the leadership showcases its innovation strategy intentions vs. how the plan works on a day-to-day basis?”
An innovation audit survey addresses five areas — governance, people, leadership, and resources.
Highlight: This should provide insight into the culture, employee, and management that strengthens and supports current innovation capacities.
Then, we pick one door and open it.
Interviews with the senior management
This door exposes the organization’s top management’s perception of innovation capabilities, operations and results.
Goals: To help expose the evasive why’s that inhibit innovation success.
What’s next?
Pointing out the weaknesses.
This entails understanding from garnered insights on the research, and the challenges of innovation in the organization.
Next, is the building of an Innovation strategy sprint with a clearly defined road map to be aligned with the organization’s business objectives.
Seems like a bit of trouble.
Our recommendation: Start small.
Schedule a time slot here with our Innovation strategy team.
Let’s help you look through and better understand your organization’s stand on its innovation. Also, it helps build confidence in what works, and specific innovation formats to go with.
For more information, email us at hello@gumi.company
