What is a Faster Innovation Strategy?
A Faster Innovation Strategy is a plan of action that encourages faster and more efficient innovation processes, fostering creativity and driving continuous improvement. This type of strategy is designed to help organizations stay ahead of the competition and become more competitive in their respective industries. It typically involves setting measurable targets (KPIs) and implementing related projects to achieve those targets. This strategy also involves utilizing existing knowledge and technologies to increase access to knowledge and improve the effectiveness of technology usage.
What's included in this Faster Innovation Strategy template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Faster Innovation Strategy template for?
The Faster Innovation Strategy Template is designed to help organizations create a plan of action that will drive innovation and efficiency. It is ideal for organizations that are looking to stay ahead of the competition or become more competitive in their respective industries. The template is broken down into focus areas, objectives, measurable targets (KPIs), and related projects that are designed to help organizations achieve their goals.
1. Define clear examples of your focus areas
Focus areas are the overarching themes that encompass the strategy. Examples of focus areas include Develop Innovative Solutions, Utilize Knowledge & Technologies, and Foster Innovation Culture. Each of these focus areas should have a set of objectives, measurable targets (KPIs), and related projects that are designed to help the organization reach its goals.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals that each focus area is working towards. Examples of some objectives for the focus area of Develop Innovative Solutions could be: Increase Speed to Market, and Increase Efficiency of Testing.
3. Set measurable targets (KPIs) to tackle the objective
Measuring targets (KPIs) are the specific metrics that are used to track the progress of the objectives. These targets should be measurable and have an initial and target value. For example, under the objective of increasing speed to market, the measurable target could be to decrease the time to market from 24 weeks to 12 weeks.
4. Implement related projects to achieve the KPIs
Related projects are the specific initiatives and activities that need to be completed in order to achieve the measurable targets (KPIs). These projects should be actionable, measurable, and time-bound. An example of a project related to Develop Innovative Solutions could be: Streamline Development Process.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade is a Strategy Execution Platform that enables organizations to quickly and easily develop and execute strategies. The platform offers a range of features that can help organizations stay on track with their strategic objectives, monitor progress, and make course corrections in real-time. Utilizing Cascade can help organizations see faster results from their Faster Innovation Strategy.