Innovation Audits

C W Mobbs April 2011

What are Innovation Audits?

•They are an in-depth analysis of different aspects of an organisation’s current innovation capabilities, procedures and processes, examining key indicators, determining strengths and weaknesses;

•The results of the audit will highlight barriers to innovation, as well as identify improvements or new methods to maximise innovation capabilities.

What are the Benefits of Innovation Audits?

(1)•The audit enhances the company’s

innovation capability;

• It identifies opportunities for increasing innovation;

• It clarifies where the organisation needs to focus to maximise innovation success;

• It embeds innovation in the company’s processes;

What are the Benefits of Innovation Audits?

(2)•The audit can build on individuals’

creativity to be innovative;

• It can identify and control the barriers that stifle creativity and innovation;

• It fosters innovation in the organisation’s culture;

• It can align the organisation in common purpose and action.

Audit Framework•The innovation audit

framework reviews five main areas:

• Innovation strategy;

• Idea generation;

• Selection;

• Implementation; and

• Organisation.

Innovation Strategy•The innovation

strategy performs two vital roles:

1)It provides a direct link with the organisation’s corporate strategy;

2)It provides a framework and guidance within which to direct the organisation’s innovation efforts.

Idea Generation

•Ideas are the life-blood of any organisation’s innovation effort.

•It is critical that there are processes, procedures and methods in place to capture ideas from a diverse range of sources.

Selection•Whilst idea

generation is critical, knowing which projects to pursue can make or break the innovation effort.

•Resources spent on the wrong projects divert necessary funds and time from those which might prove successful.

Implementation

•By definition, innovation includes the successful, commercial exploitation of the idea.

•As such, making it happen defines the culmination of the whole innovation process.

Organisation•Successful innovation

requires more than processes. It requires the whole organisation to have an innovative ethos. This includes the need to have appropriate HR practices, an appropriate corporate structure, real and demonstrable top management support, and a culture built around innovation.

Conclusion

• Innovation audits assist organisations to improve their innovation capabilities. Innovation for Growth undertakes a desktop audit based on an on-line survey, with a follow up report. Alternatively, a more detailed audit can be undertaken which uses the on-line survey as the basis for a more comprehensive review utilising face-to-face interviews.

• For more information, email Innovation for Growth or see our website: www.innovationforgrowth.co.uk

About Innovation for Growth

• Founded in 2010, Innovation for Growth is a business consultancy firm that specialises in the provision of advice to small and medium sized enterprises. We work with companies from all sectors undertaking innovation audits, and providing innovation advice so our clients can maximise their innovation capabilities and achieve their growth aspirations.

• We also undertake desktop, business research and analysis, enabling our clients to concentrate on running their business.

• For more on our services, please download our Corporate Services Document.

• © 2011 Innovation for Growth