1. Time allocation for innovation

  • Description: Set aside dedicated time for employees to work on innovative projects outside of their regular duties.
  • Implementation plan: Introduce policies like “20% Time” where employees spend a set portion of their time on innovation.
  • Roles & responsibilities: Managers ensure policy adherence, employees manage their schedules.
  • KPI's: Number of ideas generated, employee engagement levels, projects moved to implementation.

2. Cross-functional innovation teams

  • Description: Teams composed of members from various departments to provide diverse perspectives on innovation.
  • Implementation plan: Identify key stakeholders from different departments; form teams based on projects.
  • Roles & responsibilities: A team leader coordinates efforts, members contribute based on expertise.
  • KPI's: Number of projects completed, team member satisfaction, diversity of ideas generated.

3. Continuous learning & training

  • Description: Equip teams with the latest tools, methodologies, and thinking in innovation.
  • Implementation plan: Organize regular training sessions, workshops, or bring in external experts.
  • Roles & responsibilities: HR/training department organizes sessions, employees attend and apply learning.
  • KPI's: Number of training sessions held, employee feedback, application of new methods in projects.

4. Resource reallocation strategy

  • Description: Systematically review and reallocate resources from less promising projects to more promising ones.
  • Implementation plan: Regularly review project performance, shift resources as necessary.
  • Roles & responsibilities: Portfolio managers conduct reviews, teams adjust based on resource availability.
  • KPI's: Resource utilization rates, project success rates, agility in resource reallocation.

5. Stage-gate process

  • Description: A structured process where new innovation projects are moved through sequential stages, with gates in between for evaluation.
  • Implementation plan: Define clear stages and criteria for each gate. Review projects at each gate to decide whether to move forward, pivot, or halt.
  • Roles & responsibilities: A cross-functional team evaluates projects at each gate. Management oversees the entire process.
  • KPI's: Number of projects that progress to the next stage, time taken for each stage, percentage of successful projects that reach market readiness.

6. Balanced portfolio approach

  • Description: Diversify the innovation portfolio across a mix of incremental, adjacent, and transformational projects.
  • Implementation plan: Identify current project types and assess gaps. Allocate budget across different innovation types.
  • Roles & responsibilities: Portfolio managers to balance projects. Teams specialize in different innovation types.
  • KPI's: Percentage allocation to each innovation type, ROI from each category.

7. Open innovation strategy

  • Description: Leverage external sources, such as startups, research institutions, or customers, for innovative ideas and projects.
  • Implementation plan: Create platforms or partnerships to facilitate external collaborations. Run innovation contests or hackathons.
  • Roles & responsibilities: Innovation managers to foster external relations, teams to integrate external ideas.
  • KPI's: Number of external partnerships, percentage of successful external innovations.

8. Return on innovation (ROI) analysis

  • Description: Use ROI to prioritize projects based on their potential returns relative to investment.
  • Implementation plan: Establish criteria for ROI calculations. Evaluate all projects using this metric.
  • Roles & responsibilities: Financial analysts calculate ROI. Management decides on project continuance based on ROI.
  • KPI's: ROI of each project, comparison of expected vs. realized ROI.

9. Innovation lab / Incubator

  • Description: Dedicated spaces or departments where new ideas can be experimented with without the pressures of business-as-usual operations.
  • Implementation plan: Designate a physical space or virtual platform; allocate budget and resources for experiments.
  • Roles & responsibilities: Lab managers oversee operations; interdisciplinary teams execute projects.
  • KPI's: Number of prototypes developed, number of successful innovations moved to production.

10. Idea crowdsourcing platform

  • Description: A digital platform to gather and evaluate innovative ideas from both internal and external stakeholders.
  • Implementation plan: Develop or adopt a crowdsourcing platform, promote its use, evaluate submitted ideas.
  • Roles & responsibilities: Platform administrators manage operations, cross-functional teams evaluate ideas.
  • KPI's: Number of ideas submitted, stakeholder engagement, ideas moved to implementation.

Please note that the above options are crafted based on generalized situations, and the context and unique attributes of your organization should be considered for tailored solutions.

For more personalized and in depth solutions check out www.lowcostconsultancy.com