What is an Innovation Process Plan?
An innovation process plan is an organized, structured plan that outlines the steps necessary to achieve an innovation goal, such as developing a new product, service, or process. This plan should consider all aspects of innovation, including research and development, knowledge management, process improvement, budgeting, and more. The plan should also take into account the resources and capabilities necessary to achieve the goals set forth.
What's included in this Innovation Process Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Innovation Process Plan template for?
The Innovation Process Plan template is designed for organizations of all sizes and industries that are looking to create a plan for innovating products, services, and processes. This template can help organizations create an effective plan that will help them reach their goals while maximizing resources. The template includes the steps needed to define the focus areas, objectives, KPIs, projects, and more.
1. Define clear examples of your focus areas
When creating a plan, it’s important to define your focus areas. This should include the research and development, knowledge management, process improvement, budgeting, and other areas that need to be considered in order to reach your goals. Each focus area should have its own objectives, KPIs, and projects that are tailored to that particular area.
2. Think about the objectives that could fall under that focus area
Objectives are the goals that a company wants to achieve within the focus areas. These objectives should be specific and measurable, so that the progress and success of the plan can be tracked. Objectives should also be realistic and achievable in order to ensure success.
Examples of some objectives for the focus area of Research & Development could be: Increase product innovation, and Increase efficiency of innovation process.
3. Set measurable targets (KPIs) to tackle the objective
KPIs, or key performance indicators, are the metrics that will be used to measure the progress of the plan. These metrics should also be specific, measurable, and realistic. KPIs should also be tailored to the objectives and focus areas of the plan, so that progress can be tracked accurately.
An example of a KPI for the focus area of Research & Development could be: Increase new products released per quarter.
4. Implement related projects to achieve the KPIs
Projects are the activities and steps that need to be taken in order to achieve the objectives and KPIs. These projects should be tailored to the focus areas and objectives, and should be achievable and realistic.
An example of a project related to Research & Development could be: Establish a dedicated R&D team.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is a comprehensive tool that can help organizations of all sizes create, track, and improve their innovation process plan. This platform can be used to easily manage objectives, KPIs, and projects, and to quickly identify areas for improvement. With Cascade, organizations can achieve faster results from their strategy and improve their innovation process plan quickly and effectively.