?? Orchestrating Your Digital Innovation Initiatives in 2024
Alan Campos
Global Executive | Helping Leaders Drive Millions in Recurring Revenue Through Design, AI & Digital Innovation
Navigating the landscape of a Digital Transformation Journey poses the ongoing challenge of effectively organizing diverse digital innovation initiatives. The key is to seamlessly integrate them, allowing for prioritization and impactful reporting.
In this edition, I'm unveiling a powerful tool I use - the Innovation Roadmap Canvas .
This framework serves as your guide to master the strategic task of organizing and governing your digital innovation initiatives.
THE INNOVATION ROADMAP CANVAS: HOW TO USE IT
It is separated into 3 columns, 4 major topics, and 9 items.
INPUT: Alignment and Strategy
1// Strategic planning guidelines serve as input throughout the entire phase of analyzing external and internal trends and opportunities. They act as the guiding star.
2// Trends are categorized into three main areas: Customers, Industry, and Technology. Examples include:
Clients: Mobile-first
Industry: Delivery
Technology: Big Data
3// External: This section maps out all opportunities for products, channels, or markets that stem from the identified trends. Examples include the application of Artificial Intelligence to the company’s existing product, representing sustaining innovation.
Internal: In this segment, we map out opportunities related to operational efficiency, specifically focusing on back-office processes. For instance, an example would be the implementation of electronic signatures for contracts by legal counsel.
4// These theses delineate what enters or exits the innovation portfolio, based on the emphasis arising from identified external/internal trends and opportunities. For example, the inclusion of startups that streamline the hiring process in HR.
MACHINE: Support, Process and Execution
5// The allocated budget is the annual financial amount designated for innovation. It can be a percentage of each department's or unit's budget within the company, or it can also be a 100% value allocated to the department responsible for innovation (which is our recommended approach).
领英推荐
6// Stakeholders serve as the focal point where we consolidate key individuals, departments, and partners crucial for innovation. For example: HR and IT departments within companies (departments), external consultants (partners), and managers/directors as sponsors (individuals).
7// Referred to as an innovation committee, forum, or council, this group is responsible for monitoring, managing, approving, disapproving, and allocating resources (money, material, or personnel) for innovation projects. A dedicated session will be held for this purpose.
8// This section is dedicated to incorporating innovation initiatives, sorted by: (1) Axis Y, representing effort, and (2) Axis X, representing business value.
OUTPUT: Results and Measurement 9// How will the results and progress of the innovation be measured? Within this document, you will find a menu of metrics to facilitate this process. Some examples include:
Field Metrics
- Number of ideas generated
- Number of MVPs developed
- Validation Speed
- Number of Experiments
Governance Metrics
- Number of projects in the pipeline
- Number of projects per innovation horizon
- % of projects in each phase of the innovation pipeline
Global Metrics
- ROII (Return on Innovation Investment)
- $ Reduction in operating cost
- $ Profits from innovation
This Week's Action Steps
Download the Framework and start managing your Innovation Portfolio
Whenever you're ready, there are 3 ways I can help you:
1// Apply for the Digital Innovation for Executives Program and learn how I define, implement, lead, and optimize digital innovation initiatives.
2// Apply for The Execpreneus Program , join this movement with other executives, and learn how to build and grow a six-figure business selling your life experience.