The innovation process is constantly evolving. Companies that achieve innovation maturity demonstrate greater agility. According to an MIT Sloan Management Review and Deloitte’s fifth annual study of digital business, 81% of organizations site innovation as one of their strengths.
The IdeaScale infographic on innovation maturity will pinpoint where you are on your journey. Use it across your organization to gain skills and increase capabilities.
What is Innovation Maturity?
Innovation maturity illustrates the effectiveness of an organization’s innovation efforts. It provides valuable information about longevity in a particular market.
Businesses use innovation maturity models to identify capabilities within the organization. These models measure their levels of innovation and provide a road map to opportunities.
Knowing the difference between innovation management and innovation maturity helps you understand what the model reveals. Innovation management relates to how your company internally manages innovation. Innovation maturity identifies the level of originality within your company, and the models and frameworks used to measure it.
Why Measure Innovation Maturity?
Innovation maturity research reveals that half of S&P 500 companies face obsolescence within ten years. Businesses who do not innovate will be replaced by those who disrupt markets.
Measuring innovation allows you to track your progress while planning for the future. It helps fill in the gaps between learning what you need and making it happen.
The key to success is aligning your business strategy with your innovation process. It should directly tie into your company’s overall vision. Here are several effective models for measuring innovation.
Use Open Innovation
Open innovation can fall into several categories. If your organization is externally aware, leaders recognize the value of external capabilities and ideas. In this first level, however, they are not a priority.
The second level finds your organization fully integrated. This means leaders are open to input from external sources and are willing to consider implementation.
Level three is called Ecosystem Orchestration. It occurs when your company regularly pursues outside input from other businesses and can consistently implement ideas.
BAIN’s Capital Model
The BAIN’s Capital Model provides another way to measure innovation maturity. It is also divided into three tiers.
Tier 1 shows that your company is equipped with sufficient support and resources for innovation. A strategy is in place.
At Tier 2, you have defined a process for working with ideas. You can decide which ones to cultivate, then move toward implementation.
Upon reaching Tier 3, your company has formed a dedicated innovation team. This team oversees every step of the innovation process from idea gathering to implementation.
Credera Innovation Maturity Model
The Credera Innovation Maturity Model offers a third way to measure innovation maturity. This model categorizes data into stages.
Stage 1 is the reactive phase. Innovation reacts to the market. Adjustments are made where needed.
Stage 2 is the active phase. A company is actively innovating. Engagement is present, but innovation is not a top priority.
Stage 3 is the proactive phase. Innovation is established and begins shaping the market. People are engaging throughout the entire organization.
Learn how IdeaScale can help you achieve innovation maturity. Request a demo today!