What is an Innovation Management Plan?
An innovation management plan outlines the actions needed to achieve a company's innovation goals. It outlines the specific objectives, actions, metrics, and initiatives needed to achieve the desired level of innovation. The plan is designed to ensure the organization is consistently innovating and staying competitive.
What's included in this Innovation Management Plan 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 Innovation Management Plan template for?
This innovation management plan template is designed for organizations of all sizes and industries looking to create a plan to manage their innovation projects and initiatives to reach their goals. It can be used to identify strategic focus areas, objectives, actions, metrics, and targets to ensure successful project execution, and to measure the success of innovation initiatives.
1. Define clear examples of your focus areas
Focus areas are the topics and areas of innovation that you want to prioritize. Examples of focus areas could include developing a culture of innovation, developing an innovation strategy, or assessing and tracking innovation performance.
2. Think about the objectives that could fall under that focus area
Objectives are the goals you want to achieve within each focus area. Examples of objectives could include increasing the number of innovative ideas, increasing the rate of return on innovation investment, or increasing the rate of time to market.
3. Set measurable targets (KPIs) to tackle the objective
KPIs are the measurable targets you set to track the progress of the objectives. Examples of KPIs could include increasing the number of innovative ideas generated, increasing the rate of return on innovation investment, or decreasing the time to market.
4. Implement related projects to achieve the KPIs
Projects (actions) are the initiatives taken to achieve the KPIs. Examples of projects could include creating innovation workshops, creating an innovation pipeline, or establishing a process for innovation funding.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
The Cascade Strategy Execution Platform makes it easy to create, manage, and track your innovation strategy. It helps you to quickly identify objectives, set measurable targets, and track performance, so you can get faster results from your innovation strategy.