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New Innovation Portfolio Tracking Tool
Submitted by Andy Beaulieu on July 1st, 2012
Just getting started with building a reliable innovation capability? One of the big issues in many organizations is the tendency to evaluate innovation opportunities on a one-off basis. It’s hard to say no to a pitch if you aren’t weighing it against alternatives, against your strategic needs, or against the status of your current portfolio. To meet this need, I’ve developed a Microsoft Excel-based application called Innovation Portfolio Tracker (IPT). Use IPT to keep an eye on all your innovation opportunities and decide when to invest and when to pull the plug.
How It works
The Innovation Portfolio Tracker utilizes one worksheet to house data about each innovation opportunity you enter. Answer basic questions about each opportunity – risk, cost, impact, originality, development stage, etc. – in order to profile its potential to the organization. Based on the data entered, other sheets populate reports you can use for review and decision-making. One of these reports, the Dashboard, is depicted above.
The Innovation Portfolio Tracker brings rigor and transparency to your innovation efforts. No more having to react to every enthusiastic pitch from marketing, IT, customer service, etc. When you look at your current set of innovation opportunities from a portfolio perspective, you can easily determine where next investments should be placed given the following kinds of analyses:
- Are we taking enough risk or betting only on incremental “sure things”?
- Are we pursuing original ideas or just following others?
- Do we have any high-impact ideas under consideration?
- What aspects of our product/service offerings are not currently being innovated?
- How healthy is our pipeline, in terms of innovations moving from concept through to development?
The Innovation Portfolio Tracker can serve as the basis for a monthly meeting by your executive team, wherein they examine the current innovation portfolio, make investment decisions and launch new idea campaigns. Their time will be used effectively, with a higher quality of outcomes. A tool doesn’t have to be complex to be effective!
For a limited time, receive and use our Innovation Portfolio Tracker (fully functional Beta version) for free! Simply send your request to firstname.lastname@example.org today, providing the following particulars:
- your name
- the name of your organization
- your contact information (bona fide email only; no gmail, hotmail, yahoo, etc.)
By using the Beta version and providing us feedback, you will qualify for free updates for two years after the initial release. Plus, some of the feedback you provide could be incorporated as enhancements – again, at no additional cost.
Don’t delay as we have only 25 Beta tester places to fill.