If Other, please add your Type of InnovationMeasurement on the Process, not the type of innovation
Please explain how the measure is used with a specific exampleWe balance portfolios in multiple ways - both through alignment to strategic objectives, and the types of innovation to mitigate risk over the near, medium and long-term.
1) We make sure that our strategic objectives are regularly *weighted* by executive leadership because some objectives are more important than others (and they can change, or their weightings can change based on dynamic conditions or events)
2) We make sure that our Innovation Council scores submitted ideas according to their alignment with strategic objectives (we do not take action on an idea unless it can be associated with one or more of our strategic objectives).
The ideas and projects are therefore scored and weighted - and our portfolio is therefore always actively scored and weighted. Any time management changes the weightings, we can automatically "pivot" our entire portfolio of ideas and projects (as priorities will change). Our analytics tell us whether our portfolio is out of balance (or our customers on whose behalf we also innovate).
If we only want 20% of our efforts going toward a specific objective, then we try to keep that in balance when determining which ideas we want to move to the project stage.
If we want only 10% of our efforts going into breakthrough innovations, then we ty to keep that in balance when determining which ideas we want to move to the project stage.
These efforts keep the portfolios balanced according to desired risk and objectives, and our analytics can automatically rebalance priorities across the portfolio when weightings change.
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