Page 10 - INNOVATION STRATEGY EXAMPLE

Innovation Drivers
XXXXX P/L assessed its current innovation programs through measuring the innovation capability of the staff, initiatives and process. The Innovation Index survey was undertaken via a 15 minute online survey distributed directly to XXXXX P/L employees. It was available to all staff over a period of two weeks. Interviews with staff were also conducted across all four business units to understand the key motivations and barriers effecting innovation. Finally, benchmarking with similar industries was conducted e.g. spend, resource allocation, etc together with comparative results of the Innovation Index across other industry.
The assessment expressed XXXXX P/L performance against eight key vectors (see Appendix for definitions) to fully understand the strengths and limitations of its current capability. These performance vectors and corresponding results are listed below
Innovation Vectors
Overall
Stakeholder Centricity
XX
Innovation Focus
XX
External Collaboration
XX
Internal Collaboration
51.6
Rewards & Recognition
XX
Technology
XX
Culture
XX
Organisational Velocity
XX
Of the 8 vectors that contribute to the overall Innovation Index, Stakeholder Centricity and Innovation Focus had the highest innovation scores.
In addition to the top innovation vectors, External and Internal Collaboration also have innovation scores higher than XXXXX’s overall index. Rewards and Recognition was just below the overall index figure. Organisational Velocity, Culture and Technology are the lowest scoring innovation vectors, with all three vectors scoring below 50.
In addition, when XXXXX P/L assessment was positioned against other industries it performed below eg, Primary Industry and Australian Not for Profits scored 60.4 and 66.6 respectively and in light of this, it is clear to see there is room for improvement in order for XXXXX P/L to be contemporary in this space.
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