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How can you ensure that your TI investments are delivering the expected ROI?

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Technological innovation (TI) is the process of developing and implementing new or improved products, services, processes, or business models that create value for customers, stakeholders, and society. TI can be a source of competitive advantage, growth, and social impact, but it also involves significant challenges and risks, such as uncertainty, complexity, cost, and disruption. How can you ensure that your TI investments are delivering the expected return on investment (ROI)? Here are some tips to help you measure and optimize the value of your TI projects.

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Naved Siddiqui

Product & Insight Manager | Driving Innovation, Data-Driven Strategy, and Cross-Functional Collaboration to Optimize…

1 Define your TI goals and metrics

Before you start any TI project, you need to have a clear vision of what you want to achieve and how you will measure your success. Your TI goals should be aligned with your overall business strategy, customer needs, and market opportunities. Your TI metrics should be specific, measurable, achievable, relevant, and time-bound (SMART). They should also reflect both the financial and non-financial benefits of your TI, such as revenue, profit, market share, customer satisfaction, quality, efficiency, innovation culture, and social impact.

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Naved Siddiqui

Product & Insight Manager | Driving Innovation, Data-Driven Strategy, and Cross-Functional Collaboration to Optimize Customer Experience and Market Growth | Retail & B2C
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This includes both financial and operational metrics that you want to achieve. Tracking progress towards these goals will indicate if the investment is paying off. Weigh the upfront and ongoing costs against the projected benefits over the lifespan of the technology. This will give you data to support the business case.

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2 Track and monitor your TI progress and performance

Once you have defined your TI goals and metrics, you need to track and monitor them regularly and systematically. You can use various tools and methods to collect and analyze data on your TI progress and performance, such as dashboards, surveys, interviews, experiments, tests, and feedback loops. You should also compare your actual results with your expected outcomes and benchmarks, and identify any gaps, deviations, or anomalies. Tracking and monitoring your TI data will help you evaluate your TI effectiveness, efficiency, and impact.

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3 Learn and adapt from your TI results and feedback

Tracking and monitoring your TI data is not enough. You also need to learn and adapt from your TI results and feedback. You should use your TI data to generate insights, lessons, and recommendations for improvement. You should also communicate your TI findings and feedback to your team, stakeholders, and customers, and solicit their input and suggestions. You should then use your TI learning and adaptation to refine your TI goals, metrics, strategies, and actions. Learning and adapting from your TI data will help you optimize your TI value and sustainability.

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4 Balance your TI portfolio and resources

Another way to ensure that your TI investments are delivering the expected ROI is to balance your TI portfolio and resources. You should diversify your TI portfolio by pursuing a mix of TI projects that vary in terms of scope, scale, risk, and reward. You should also allocate your TI resources (time, money, people, skills, etc.) according to the strategic importance, potential impact, and resource requirements of each TI project. You should also review and adjust your TI portfolio and resources periodically to reflect your changing priorities, opportunities, and challenges. Balancing your TI portfolio and resources will help you maximize your TI efficiency and effectiveness.

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5 Collaborate and partner with others on your TI journey

Finally, you can ensure that your TI investments are delivering the expected ROI by collaborating and partnering with others on your TI journey. You should involve your team, stakeholders, and customers in your TI process, from ideation to implementation to evaluation. You should also seek and leverage external partners, such as suppliers, competitors, universities, research institutes, government agencies, non-governmental organizations, and communities, that can offer complementary capabilities, resources, insights, and networks. Collaborating and partnering with others on your TI journey will help you enhance your TI creativity, quality, scalability, and impact.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you ensure that your TI investments are delivering the expected ROI?

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1 Define your TI goals and metrics

2 Track and monitor your TI progress and performance

3 Learn and adapt from your TI results and feedback

4 Balance your TI portfolio and resources

5 Collaborate and partner with others on your TI journey

6 Here’s what else to consider

Technological Innovation

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How can you ensure that your TI investments are delivering the expected ROI?

1

2

3

4

5

6

1 Define your TI goals and metrics

2 Track and monitor your TI progress and performance

3 Learn and adapt from your TI results and feedback

4 Balance your TI portfolio and resources

5 Collaborate and partner with others on your TI journey

6 Here’s what else to consider

Technological Innovation

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