Innovation is complex and there is no single secret to success. The most powerful lever available to the Chief Innovation Officer, however, may be the measure, analyze and act cycle. Innovation thrives on clarity and a good measurement system can generate insight into what is driving results.
Enterprise PLM programs can be platforms for transformational change. With a strong business sponsor, engaged governance, and an orientation toward value, you have all the ingredients you need to deliver step-change levels of improvement in innovation performance. The more strategic the program, the more value the program can deliver.
Once we have a good portfolio analyst onboard, the next role I suggest filling is that of an innovation performance analyst. If you believe old Drucker axiom that you can’t manage what you can’t measure, then we need to get some performance dashboards in place as soon as possible. An innovation performance analyst is a critical early member of the corporate innovation team.
Large, established enterprises have tremendous advantages in the innovation game; superior financial resources, abundant talent, better infrastructures, and existing channels to market. However, many of these firms get in their own way when it comes to executing innovation initiatives and they struggle to consistently deliver returns on their investment.