Wednesday, November 20, 2013

Taking The Measure of Your Innovation Performance

Bain & Company surveyed nearly 450 executives at companies with over $100 million in revenue.  Sixty six percent of them said they made innovation one of their top priorities.  If, however, those same executives were asked how effective their respective organization were at innovating, then only 25% responded that their companies were, in fact, effective innovators.  This, of course, suggests two things the executives are either cynical or that innovation is quite difficult.  What is more, this information also begs the question what is considered effective?  Evidently, we are talking to executives that work with enterprises that are rather similar in terms of revenue, though the article didn't suggest how such a sweeping generalization was made without substantiating the claim with data.

At any rate, the goal, in this case, with this fine article from Bain Insights is the framework to evaluate how true innovators did indeed outperform laggards.

The five aspects of this framework are strategy, organization, idea generation, portfolio management, and scaling.  Moreover, the article goes into detail on each.  This, of course, is outside the scope of this blog post.  To be clear, I present the framework as a point to begin cogitating on innovation.  The idea of innovation is ubiquitous at Carnegie Mellon, and more precisely, at the venerable Heinz College.  As future leaders, it is diaphanously clear we will encounter excellent opportunities to innovate.  As such, this article is worth a read for any with a pedantic interest in innovation.

Bain Insights, "Taking the Measure of Your Innovation Performance"

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