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.