Your Innovation Score

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Score Breakdown

Process Formalization Score

Although over 60% of CEO's say that innovation is a priority for their companies, only 33% actually have a well formalized innovation process. Your process formalization score is made up of three components, each of which are explained in more detail below:

1. Tracking the results of your innovation program

2. Using software to centralize collection & evaluation of ideas

3. A clear process to fund and implement high value ideas

1) Tracking the results of your innovation program

Failure to track the results of your program can have detrimental results. The challenge is that identifying and accurately tracking innovation metrics can be tough. View a 2 minute demo of Ideawake to learn how our software makes it easy to track innovation ROI across all of your initiatives.

2) Using Software to Centralize Collection & Evaluation of Ideas

Employing innovation or idea management software is often a core component of solidifying an innovation process. Whether built or purchased, 85% of the largest US organizations leverage digital technologies to manage their innovation and improvement efforts.

3) A Clear Process to Fund and Implement High Value Ideas

Ideas are great, but don’t bring value without a process and resources to implement them. Providing room in your budget to fund and test new and innovative ideas is key to developing a formalized innovation process and an innovation program that can actually produce results. This is much easier said than done, but leveraging existing programs like our Ideabox development program can help create the guide rails to provide the funds, resources, and environment needed to test and ultimately implement high value ideas in your innovation pipeline.

Innovation Culture Score

Your innovation culture score is made up of two components:

1. Effectiveness at Fostering an Innovation Friendly Culture

2. Level of Support from Top Management on Innovation Initiatives

1) Effectiveness at Fostering an Innovation Friendly Culture

Any innovation leader will tell you that regardless of industry, their company is capable of innovation and improvement, and they’re correct. But even with a strong CIO or innovation leader, an organization must employ an equally strong supporting cast of employees and above-all, promote a culture that supports the initiatives, changes, and creative thought that drives a successful innovation program. Learn how Ideawake can help foster a more innovative culture by empowering employees and more effectively communicating innovation results throughout your organization.

2) Level of Support from Top Management on Innovation Initiatives

One of the most critical factors to an innovation program's success is buy in from top management. This buy in comes in multiple forms, but must not just be verbal, but backed by allocated dollars in your department budget. Read our recent blog post to learn more about how to get real buy in for your innovation program.

Innovation Diversity Score

Traditionally companies have turned to costly consultants, research groups, and industry reports to promote innovation, but forward-thinking innovation leaders recognize technology has made it easier to look inside the organization to find valuable insights. Tapping into the wisdom of those that know the most and care the most about your business will be critical to your success as an innovation leader in the 21st Century.

How to Increase Your Innovation Diversity Score

Instead of looking to traditional consultants or C-Level executives for ideas, try looking to the front-lines of your organization and other stakeholders that are mutually invested in your success. Learn how Ideawake makes it easy to securely innovate with your employees, customers, and partners in one place.

Employees - They are closest to customers and have great ideas, just no outlet to get them to management. Internal crowdsourcing gets great ideas in front of decision makers and has been shown to boost employee morale and engagement above the unacceptably low 33% average employee engagement rate.

Customers - Doesn’t it make sense that the people who consume your product should have a voice in shaping it? Companies engaging in customer ‘co-creation’ have shown higher customer retention rates and reduced failure rates of new product introductions. 91% of companies agree that customer ideas drive innovation, here's how you get the one's you need.

Partners - Online collaboration among and between suppliers can help increase supply chain efficiency, resulting in cost savings throughout the value chain.

The Public (Open Innovation) - Engaging the public as a whole provides the best results at the lowest cost when intellectual property risks are managed effectively.

Transform Ideas into Repeatable Growth

Ideawake helps innovation leaders accelerate innovation with idea management software that streamlines the process of soliciting, evaluating and implementing new ideas from employees, customers, and partners.

• View a 2 Minute Demo