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How can you effectively manage innovation portfolios with data?

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Innovation is crucial for any organization that wants to stay competitive and relevant in a fast-changing world. However, innovation is not a one-time event, but a continuous process that requires careful planning, execution, and evaluation. One of the key challenges of innovation management is how to balance the different types of innovation projects, such as incremental, radical, and disruptive, and allocate the right resources, time, and risk to each one. This is where data can play a vital role in helping you manage your innovation portfolio effectively. In this article, we will explore how you can use data to:

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Arun Kannan

Technical Principal, BFSI for APAC at Thoughtworks
David Inderias

CEO @FSCO | Digital Asset Infrastructure for Trade, Financial & Regulatory Applications

1 Define your innovation goals

Before you start any innovation project, you need to have a clear vision of what you want to achieve, how you will measure your success, and how you will align your innovation efforts with your overall strategy. Data can help you define your innovation goals by providing insights into your customers' needs, preferences, and pain points, your market trends and opportunities, your competitors' strengths and weaknesses, and your internal capabilities and gaps. By using data to define your innovation goals, you can ensure that your innovation portfolio is relevant, realistic, and aligned with your value proposition.

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David Inderias

CEO @FSCO | Digital Asset Infrastructure for Trade, Financial & Regulatory Applications
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Even better, it is a way to validate compliance with ESG initiatives for both internal and external applications. Great for tangibly gauging impact as well.

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Arun Kannan

Technical Principal, BFSI for APAC at Thoughtworks
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Absolutely, setting the stage for successful innovation requires a strategic foundation. Crafting a clear vision, measuring success metrics, and aligning innovation initiatives with broader strategies are essential. Leveraging data to define goals, understand customer needs, market dynamics, and internal capabilities ensures relevance, alignment, and fortifying the innovation portfolio's contribution to the overall value proposition

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2 Select your innovation projects

Once you have defined your innovation goals, you need to decide which innovation projects to pursue, and how to prioritize them. Data can help you select your innovation projects by providing criteria and tools to evaluate and compare them. For example, you can use data to assess the potential impact, feasibility, and fit of each project, and rank them accordingly. You can also use data to create a portfolio map that visualizes the distribution of your projects along dimensions such as risk, return, time horizon, and type of innovation. By using data to select your innovation projects, you can ensure that your innovation portfolio is balanced, diversified, and aligned with your goals.

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3 Manage your innovation projects

Once you have selected your innovation projects, you need to manage them effectively throughout their life cycle, from ideation to implementation. Data can help you manage your innovation projects by providing feedback and metrics to monitor and improve their performance. For example, you can use data to track the progress, costs, and benefits of each project, and adjust your plans and resources accordingly. You can also use data to test and validate your assumptions and hypotheses, and learn from your failures and successes. By using data to manage your innovation projects, you can ensure that your innovation portfolio is efficient, effective, and adaptable.

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Arun Kannan

Technical Principal, BFSI for APAC at Thoughtworks
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Effectively managing innovation projects with a strategic data-driven approach involves defining clear objectives, analysing customer feedback, conducting market research, assessing internal capabilities, and prioritising projects based on data insights. Optimal resource allocation, robust monitoring using key performance indicators, and a continuous feedback loop contribute to successful outcomes. Example: A tech company utilises user data to enhance user interfaces, conducts market analysis for design trends, assesses internal team skills, and implements data-driven strategies for efficient project execution. This holistic integration of data ensures agile, responsive, and real-world-aligned innovation projects, continuous learning.

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4 Review your innovation portfolio

Once you have completed your innovation projects, you need to review your innovation portfolio and evaluate its outcomes and impacts. Data can help you review your innovation portfolio by providing evidence and indicators to measure and communicate your results. For example, you can use data to quantify the value and impact of your innovation projects on your customers, your organization, and your market. You can also use data to identify the best practices and lessons learned from your innovation projects, and share them with your stakeholders and peers. By using data to review your innovation portfolio, you can ensure that your innovation portfolio is valuable, impactful, and scalable.

Data is a powerful ally for innovation management, as it can help you make informed and strategic decisions, and optimize your innovation outcomes. However, data is not a magic bullet, and it should not replace your creativity, intuition, and judgment. Data should be used as a tool to support and enhance your innovation process, not to dictate or constrain it. Therefore, you should always use data critically, ethically, and responsibly, and balance it with other sources of information and inspiration.

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Arun Kannan

Technical Principal, BFSI for APAC at Thoughtworks
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Cross-Functional Collaboration Metrics: Integrate data metrics to measure the effectiveness of cross-functional collaboration within innovation projects, ensuring diverse perspectives contribute to successful outcomes. Example: Evaluate data on team collaboration and its impact on project success, fostering an environment where different disciplines synergise for innovation. This perspective underscores the importance of collaboration in the innovation process. By measuring data on cross-functional teamwork, organisations can ensure that diverse skills and perspectives contribute to successful project outcomes, fostering a culture of innovation that draws on varied expertise.

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5 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 effectively manage innovation portfolios with data?

1

2

3

4

5

1 Define your innovation goals

2 Select your innovation projects

3 Manage your innovation projects

4 Review your innovation portfolio

5 Here’s what else to consider

Technological Innovation

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How can you effectively manage innovation portfolios with data?

1

2

3

4

5

1 Define your innovation goals

2 Select your innovation projects

3 Manage your innovation projects

4 Review your innovation portfolio

5 Here’s what else to consider

Technological Innovation

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