Innovation management: 23 Best Practices examples

  1. Allocate resources properly to support your strategy;
  2. Stimulate ideas by asking staff for input;
  3. Involve everyone in the organisation;
  4. Identify goals and stay focused;
  5. Embrace the opportunity mindset;
  6. Walk the talk;
  7. Plan for execution;
  8. Implement with speed;
  9. Cultivate a risk-taking culture;
  10. Develop organizational culture to support innovation;
  11. Create an innovative company culture;
  12. Collaborate with customers and strategic partners;
  13. Periodic evaluation of effectiveness of innovation programs;
  14. Apply continuou improvement thinking;
  15. Create an innovation strategy;
  16. Create value for your customers & stakeholders;
  17. Identify the best opportunities;
  18. Identify and remove barriers;
  19. Set up dedicated and cross functional innovation teams;
  20. Set-up research and technology networks;
  21. Incent and reward;
  22. Communicate results and milestones.

7 Innovation management KPIs

  1. Innovation rate = revenue share of innovations / total turnover * 100
  2. Innovation rate = number of innovations / number of products * 100
  3. The number of innovation projects started
  4. Number of new products launched in X amount of time
  5. Actual vs. targeted breakeven time for new products
  6. Revenue/profit growth from new products
  7. ROI of innovation activities