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Building an Innovation Strategy

Benefits:

By aligning innovation strategy with their objectives, organisations ensure that their innovative efforts are directed towards achieving the overarching goals and vision of the organisation. This alignment with long-term goals creates a compounding effect with other initiates and leads to better overall results.

Innovation driven by global objectives focuses on creating meaningful and sustainable outcomes that go beyond short-term gains and encourages collaboration with diverse stakeholders, fostering knowledge exchange and collective action.

How:

To align the innovation strategy with the overall company objective and vision, the team needs to:

  • Review the existing project and activities: review each activity, program and program and assess their alignment with the strategy. Identify and quantify which vision goal they are serving.

  • Identify the gaps between the current plan and the expected result: what goals are not being addressed. Which part of the strategy is not in the execution plan?

  • Correct the trajectory (KISS approach)

    • Keep: Decide what program, activities and project the organisation should keep

    • Improve: Improve the program, activities and project that can have a bigger impact on the results, typically incremental improvement.

    • Stop: Stop the project and program that have low or no impact on the strategy.

    • Start: identify new project to start that will fill the gap between current situation and expected results.

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