Innovation Audits

Although it is generally recognized that innovation is important and enhances shareholder value, precisely what is less well understood is how to become more ground breaking. Innovation audits review current practices enabling the expert to advise on alternate and additional measures and techniques that companies can adopt to improve and maximise their innovation features.

The preceding paragraph pithily encapsulates the rationale for innovation audits. They are designed to assist companies in understanding their current innovation practices, and how these might be increased after or added to. Indeed, the audit may illuminate some practices which are actually hindering advancement, and these should be reduced or stopped. Why? Almost all companies enthusiastic about growth will be looking at how they can be ground breaking and it is more and more, and widely, recognised that innovation capability is one of the key determinants of long-run profitability and survival. Companies will, therefore, all be wanting to improve their processes to increase their innovation capacities and maximise opportunities for progress.

All organisational systems should support innovation. Corporate professionals desire a means of auditing their firm’s innovation ability so that they can get a sense for the overall performance of their innovation process and where it can be deficient. The innovation audit is an established method to improve creativity. It examines key signals, determines strengths and disadvantages and identifies means of increasing innovation throughout the business.

The subsequent report informs you what is working well in conditions of culture, processes, communication and activities. It also analyses what is inhibiting innovation.

The end result of the audit can be a clear identification of issues and the obstacles of innovation. It permits one to significantly increase the culture and process of creativity within your business. That should also lead to raised levels of determination throughout the organisation, causing in a more impressive, and entrepreneurial organisation that welcomes and initiates change. All of which causes an ability to apply fresh tips to generate earnings or reduce cost.

A summary of the benefits associated with an innovation audit is just as follows:

? It enhances the company’s innovation capability;

? That identifies opportunities for increasing innovation;

? It clarifies where the organisation needs to focus to maximise development success;

? It embeds advancement in the company’s operations;

? It might build on people’s creative imagination to be progressive;

? It can identify and control the barriers that stifle imagination and development;

? It fosters innovation in the organisation’s culture; and

? It can align the organisation in common goal and action.

Examples of questions, that can be asked, include:

? Innovation strategy

o Is usually there an innovation strategy?

o Does the development strategy support the business strategy?

o Is the innovation strategy known and understood throughout the company?

? Idea generation