Leadership Plan Generator: Measuring Innovation


Content in this Article


  • Leadership Innovation
  • Leveraging Innovation
  • Business Scorecard
  • Business Scorecard Planning Tool
  • Innovation Metrics
  • Overview of the Leadership Innovation Plan Generator
  • Planning Components
  • Access Options

Practical Innovations

Leadership Innovation requires a vision that is both adaptive to changes and opportunities in the environment but also able to lead the industry in delivering products, services, and features that dazzle customers. Leading an industry requires competencies and skills to both establish new industry standards as well as envision the next stage of products & services. Key performance indicators are needed to evaluate the business’ ability to execute these competencies and assets, drive leadership innovation, and confirm outcomes are achieved.


The drive to pursue these advantages, as well as envision the future of your industry, is both dependent on the businesses existing competencies and assets as well as the business culture that leverages them.
Leadership Innovation
 

Continual scanning of the business’ external & internal environments for opportunities is one way to identify opportunities for innovation.

Tracking key performance indicators (KPI) is also crucial to evaluating the business’ health and sustainability.

The business scorecard represents a methodology that can be used for individual projects as well as the larger enterprise system in which your business functions.



Financial Metrics Plan


One of the advantages of using the business scorecard approach is that a system’s view of the organization (and its key performance areas) is emphasized which incorporates all key stakeholders into the planning and project execution stages. This approach also seeks to avoid any unintended consequences that often result when executing a complex (or cross systems) project without enough input or support.

 


ADDITIONAL INNOVATION MEASURES

The Balanced Scorecard Institute (2011) adds to this list with four categories to track your business’ ability to support and leverage opportunities for Innovation:
 
  • Number of New Ideas
  • Quality of Ideas
  • Effective Implementation of Quality Ideas
  • Achievement of Desired Outcomes

The key performance indicators, and business domains, tracked with your business scorecard is determined by the businesses’ planning documents. Identifying these key performance indicators (KPI’s) is often the responsibility of the executive team but should also take into consideration feedback from representatives of other stakeholder groups, and market trends that will influence your industry and market niche.

A Business Scorecard Approach often identifies and tracks financial, customer, internal processes, and learning & growth (Values Based Management, 2016) but can also be used to identify and track other key performance indicators. The business domain, and sub-metrics tracked, will depend on the business’ industry and market niche as well as its goals.

Whether your business seeks to achieve classical (incumbent, captured market) objectives or be adaptive, visionary, or innovative (Ohr, April 25th, 2016) the business scorecard approach can help with monitoring the performance of your innovation plan.


OVERVIEW OF THE LEADERSHIP INNOVATION PLAN GENERATOR


The Leadership Innovation Plan Generator includes the following steps (and strategic planning components) listed below. Additional tools, resources, and options are available to members. Feel free to contact us with additional questions at Consulting@innovatevancouver.org 

Leadership Innovation


Leadership Innovation Planning Components



The following accordion lists the components included in the leadership innovation plan. Click on each step to learn more.


Access Options


Access to the leadership innovation plan generator is provided through the following products.

Click on the embedded book above to take a sneak peak at its contents. Click on the link to go to the Amazon store and purchase your own copy!

Click on the Store drop down menu at the top of this page. Select the mobile app tab to take you to the Google Store to purchase your own copy!

Travis Barker, MPA GCPM

Innovate Vancouver

Consulting@innovatevancouver.org

Innovate Vancouver is a Technology and Business Innovation Consulting Service located in Vancouver, BC. Contact us to help with your next project!

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Resources:

Balanced Scorecard. (2016). Retrieved April 27, 2016, from http://www.valuebasedmanagement.net/methods_balancedscorecard.html

How Do I Measure Innovation? (2011). Retrieved April 27, 2016, from http://www.balancedscorecard.org/portals/0/pdf/howtomeasureinnovation.pdf

Jackson, T. (2015, March 05). 18 Key Performance Indicator Examples Defined. Retrieved April 27, 2016, from https://www.clearpointstrategy.com/18-key-performance-indicators/

Ohr, R. (2016, April 25). Key Innovation Issues for the Near Future – Part 1. Retrieved April 27, 2016, from http://www.innovationexcellence.com/blog/2016/04/25/key-innovation-issues-for-the-near-future-–-part-1/