Innovation management as a field of study is maturing, so its derived capabilities have been built up in several areas such as portfolio management, open innovation, rapid prototyping and design thinking. In spite of all this awareness, translating the same into real business benefits has been sparse so far. A study conducted by PwC on 1200 executives recently found out that more than half the leaders surveyed struggle at aligning the innovation strategy with the overall corporate strategy. Eric Ries the founder of the Lean Startup movement believes that Innovation Accounting may as yet be the best application to reinvent innovation. This innovation accounting comprises of three levels. At the first, customer-based dashboards are created. This dashboard’s task is to enable customer discussions, customer feedback, conversion rates and per customer revenue. The next stage must have Leap of Faith Assumptions Dashboards. The third stage will integrate all together through its Net Present Value (NPV) Dashboards. This will run A/B tests.

Source:https://www.innovationexcellence.com/blog/2018/10/21/lean-start-ups-newest-tool-is-a-game-changer-for-all-innovators/

Uploaded Date:31st October 2018