I am excited to introduce the Innovation Management Maturity Model™. Earlier this year, more than 700 product development professionals across the globe evaluated their organizations using this model in the upcoming Fourth Product Portfolio Management Benchmark Study — scheduled to publish this November.
The preliminary results from the Fourth Product Portfolio Management Benchmark Study state:The model was created to help product development organizations assess and advance their maturity levels in pursuit of improved productivity, time to market, and commercial success. This comprehensive model includes the three elements that are crucial to an effective innovation program: people, processes, and tools and encompassing the full product lifecycle from idea to launch to end of life.
- Very few organizations are at the highest level of maturity (Level 5) where innovation is operationalized and embedded in the company culture, with a supporting organization, well-defined processes, and formalized tools
- The majority of organizations — including many large, global entities — ranked their innovation management maturity between Level 2 and Level 3
- Have a dedicated function to run resource management and capacity planning activities
- The majority of respondents indicate they want to achieve a Level 4 or Level 5
The benchmark research also found that in many companies the product development organization has different opinions about their level of maturity than their executives. The model provides a tangible way to gain agreement across the organization of the current innovation management maturity ranking, what the desired end state level of maturity should be, and where investment and focus needs to be directed.
Interested to see how your company stacks up? Rank the maturity of your innovation program using a new interactive, online widget at Planview.com/InnovationManagementMaturity and gain access to these informative online resources:
- White paper: A New Framework For Assessing Your Innovation Program: Introducing The Innovation Management Maturity Model™, which explores the model in more detail including the rationale behind it, each element it addresses, the different levels which companies can score their maturity, and how to apply the model to your organization
- Innovation Management Maturity Model Framework, which defines the characteristics of each level of maturity of people, process, and tools
I’d like to hear from you. How useful is the model in helping you understand where your organization ranks? Provide your feedback by leaving a comment below.