20.05.2021 Fabian Roschig
Learn how to measure and improve your innovation capabilities.
How effective is your organization’s current innovation process? Are you truly set up to adapt, grow, and meet the challenges of today’s fast-paced market? Conducting an innovation audit can reveal the roadblocks preventing you from achieving your innovation goals and show you how to build on your strengths.
In my previous post, “6 Reasons Why You Should Treat Innovation as a Survival Skill in Times of Crisis”, I discussed why innovation is an essential capability for thriving in uncertain times. But before embarking on a new innovation journey, it’s critical to understand where you stand now. Assessing your current innovation capabilities will prevent unnecessary time, effort, and costs by helping you strategically plan where to go next.
The need for transformational change is greater than ever, driven by factors like digital disruption, climate change, shifting market demands, and external shocks like COVID-19. Established companies can no longer rely on traditional business models; they must innovate to stay relevant. But before investing in new strategies or launching large-scale initiatives, companies need to diagnose the current state of their innovation capabilities.
The wrong prescription leads to failure. As Dan Toma highlights, many consultants hand out “innovation prescriptions” without proper diagnosis — such as suggesting startup accelerators or corporate partnerships before understanding the real issues. This is like prescribing medication without a thorough exam. The result? Innovation theater, expensive mistakes, and wasted resources.
An innovation audit is an objective, in-depth assessment of how effectively your organization innovates. It maps out the challenges and risks that prevent you from reaching your full innovation potential. Conducting a proper innovation audit ensures you avoid costly mistakes and identify the right areas for improvement.
When executed well, an innovation audit highlights which parts of your innovation strategy and processes work and where adjustments are needed. The goal is a conclusive gap analysis and a clear action plan to overcome obstacles.
Stay ahead in innovation! Sign up now for exclusive insights on breakthrough capabilities and proven strategies to de-risk your innovation process.
👉🏼📩 Join today and get all future posts delivered right to your inbox!
An effective audit examines two key areas:
Start with a quantitative survey that covers key areas such as governance, leadership, and resources. This broad survey can reveal how aligned your C-suite’s vision for innovation is with the day-to-day practices across departments.
Goal: Capture insights across as many divisions as possible to identify any misalignments between leadership and execution.
Conduct semi-structured interviews with senior management and key stakeholders. These interviews offer deeper insight into the perceptions of your innovation capabilities and reveal hidden barriers.
Goal: Understand the “why” behind your innovation challenges.
Combine the quantitative and qualitative data to identify common themes, challenges, and areas for improvement. This will provide the foundation for a comprehensive gap analysis that identifies what’s working and what’s not.
Goal: Uncover causal mechanisms that explain why innovation is functioning the way it is in your organization.
After completing your audit, define the key challenges to address in your innovation journey. Work with decision-makers to shape a clear innovation mission that aligns with your company’s strategic goals. Use tools like an innovation mission map or blueprints to create a hands-on action plan for growth. This can be done through an innovation strategy sprint with your leadership team.
Result: An actionable plan that addresses your innovation barriers and sets you on a path to successful, sustainable innovation.
Final Thoughts
An innovation audit isn’t just a one-time activity — it’s a powerful tool that helps you continuously refine your innovation strategy. By understanding where you stand today, you can chart a path forward with confidence, focusing on the right processes, structures, and culture to drive long-term innovation success.
If this article sparked some thoughts and you’re:
I can help you navigate this journey. Let’s work together to shape the future of your business. Get in touch with me here.
Curious to hear your challenges and ideas.
Book your free 30-minute call here
Stay ahead in innovation! Sign up now for exclusive insights on breakthrough capabilities and proven strategies to de-risk your innovation process.
👉🏼📩 Join today and get all future posts delivered right to your inbox!
Hi, my name is Fabian Roschig.
With a background that blends entrepreneurial experience and corporate innovation, I’ve had the opportunity to found and lead two startups, manage a corporate incubator, and support innovation initiatives across both SMEs and Fortune 500 companies.
I’m not a traditional consultant — I’m an entrepreneur and operator, 100% focused on execution. I bring a startup mindset to every project, ensuring that we’re not just talking about ideas but actually making them happen, often stepping in as interim project leader to guide teams directly.
My goal is to build lasting capabilities within your team, not dependencies. While I’m committed to being a long-term partner, I also aim to empower your teams to innovate independently.
I’m now focused on combining my business experience with advanced AI strategies to help businesses innovate more efficiently and stay ahead of the curve. Together, we’ll turn your ideas into practical, market-ready solutions that drive real business impact.
I’m excited to learn about your challenges and explore how I can support you — whether through workshops, consulting, interim leadership, or serving as a sounding board for your growth initiatives. I’d love to connect and get to know you better!
—
Originally published at http://fabianroschig.com
Innovation audit: How to measure the effectiveness of your current innovation capabilities? was originally published in Fabian Roschig — Innovation Advisory on Medium, where people are continuing the conversation by highlighting and responding to this story.