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As a leader in your organization, you know how important sustainable Innovation is for increasing profit and shareholder value. It is time to take action and begin building that culture of Innovation – especially when there are competitive forces in the picture. Some signs that it may be time for an Innovation Audit
- The percentage of total sales from your new product introductions is stagnant or has slipped.
- Profitability has softened and/or costs are spiraling.
- Recent product development programs have stalled.
- A new competitor has emerged in the marketplace, or an older firm is on the verge of collapse, opening new opportunities you feel ill-equipped to capitalize.
With the wolves at the door ready to pounce, you cannot afford to lose your competitive edge. An Innovation Audit will help examine your organization’s strengths and weaknesses – where your company is now and where it can be.
The in-depth Innovation Audit provides a detailed examination based on the 10 imperatives of Robert’s Rules of Innovation. The questions are designed to examine the current condition of your organization and address elements that you’ll need to bolster for a successful innovation program. Immediately upon completion, you will see graphical results to give you an idea of how your company fares in the elements like Inspire, Product Development, Risk Taking, Ideation, Reward, etc. Sustainable Innovation takes a holistic approach of all imperatives, if any of the imperatives are weak or missing, success is unlikely.
This detailed analysis will help you establish critical benchmarks during your path to sustainable innovation. An accurate snapshot of the current state of your organization is the first step to developing an innovation action plan. The audit process can be an exhilarating and demanding one – but it is absolutely essential and worthwhile to understanding your organization and potential next steps towards improvements and best practices.
Take a proactive stance to your innovation strategy. What separates true innovators from stagnators is the continuous improvement of practices and processes. See Robert’s Rules of Innovation for more tips and to view the 10 imperatives for corporate survival.