Innovation is hard. Repeated innovation is even harder. Success depends on a staggering number of factors (is there a real need? will users adopt the new innovation? will they pay?). Just as important as these external market considerations are the internal factors that determine how well an organization can realistically capture value from innovation.
How do you know if your company is truly positioned to innovate?
credera’s innovation maturity model
At Credera, we work with clients at every stage of the innovation process, from strategy to implementation, helping them go to market faster and more effectively.
One of the first steps, when we help a client with their innovation initiatives, is to look at where they are situated along our Innovation Maturity Curve — a set of metrics that measure an organization’s degree of innovation maturity. We categorize organizations’ capacities to unlock value through innovation in one of three stages: reactive, active, and proactive.
On one end of the spectrum are companies with a lower degree of innovation maturity, which tend to react to external marketplace changes and think about innovation on an ad hoc basis. On the other end of the spectrum are more mature companies that proactively push the market and think about innovation in a systematized manner.
When we are evaluating where a company sits along our Innovation Maturity Curve, we look at 5 factors:
To what extent are users involved in the innovation process?
Does the company have an innovation strategy?
How are resources allocated to innovation pursuits?
Does the company’s culture support innovation?
How well does the company anticipate and react to market changes?
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Conducting a comprehensive audit of your firm’s innovation capabilities is crucial to understanding the degree to which resources should be allocated towards innovation because it shines a light on gaps that need to be addressed.
Through our experiences with different industries and types of organizations, we’ve learned how to help companies foster innovation. Learn more about our innovation work with clients here, or reach out to a Credera innovation expert at firstname.lastname@example.org if we can partner with you to achieve your innovation goals.