By: The Innovative Dinosaur
Innovation audit is an essential first step for any organization that wants to adapt innovation as part of its strategy.
Innovation audits are an examination of current innovation practices. Such an understanding allows the management team to have alternative and additional measures and techniques to increase and maximize their innovation capabilities.
Understanding the Technical Capability Innovation Audit Pillars
- Concept Generation: identification of new product concepts.
- Product Development: taking the innovation from concept, through development and transfer to manufacturing and use.
- Process Innovation: the development of innovation in manufacturing processes.
- The development and management: including technology acquisition and/or development.
- Resources: the development of human and financial resources.
- Systems and tools: the effective use of appropriate systems and tools needed for innovation.
- Leadership: providing the top management leadership and directions.
Practices adopted to manage the innovation are reviewed to assess
- The degree to which there is appropriate business process in place.
- The deployment of good practice – the breadth of its use.
- The degree to which each practice meets known best standard.
The model covers four main processes; the identification of new product concept generation, taking innovation from concept to launch product, the development of innovation in production process and the development and management of the needed technology per technology acquisition and development. Two processes to be done in parallel, process audit and performance audit.
The objective of the audit is to provide companies with an overview of their strengths and weaknesses with regards to technical innovation management, enabling companies to highlight the areas that they should examine in more depth. The model sets out the scope of what is to be audited.