Ftm Business Template - Innovation Tracker
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Ideas & Innovation Tracker Business Template
What is Innovation Tracker?
When should you use it?
Innovation Tracker is a structured method for capturing, screening, prioritising and managing the innovation process from ideas to implementation.
Innovation Tracker can be used to capture ideas generated from planned [proactive] activities such as annual business planning or regular focused innovation workshops, or from [reactive] events such as opportunities and threats occurring on a day-to-day basis.
Why is it relevant? Innovation is a critical success factor for most organizations and teams that need to differentiate in a competitive market place – you should constantly find ways to do things faster, better and cheaper.
Who needs to be involved? Involve everyone in your process for generating new ideas but make sure you have the buy-in from a member of the senior team in order to gain the necessary resources, budgets and approvals. The effectiveness of the monthly review meeting will determine the level of impact innovation will have on future business performance.
How should you implement it? Start by gaining support for your approach from key stakeholders, and then agree the process that will be used to generate and review ideas. Then issue the team with the Innovation Tracker template as encourage everyone to start by identifying at least one idea for performance improvement. The template provides a step-by-step guide for managing your ideas through four stage from capture to implementation.
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Innovation Tracker This is a case example based on a fictitious company called TVT – all the data is displayed for demonstration purposes only. For a detailed explanation of what each cell is used for please refer to the Virtual Consultant on the following pages.
Form 1: Capture NEW IDEA DESCRIPTION ID
InnovX.001
Idea name
TVT Sneakart
Description
A product that allows customers to customise their sneakers
Originator
Patrick Harper-Smith
Team
Cross-functional
Source
Focused Innovation Workshop
Key Facts / Assumptions
This product is a revolutionary sneaker customisation concept for footware enthusiasts. It uses new sneakskin technology, it creates a simple and cost-effective way to change the look of sneakers with a minimum of fuss. Sneakerskin is a type of sticker film that applies to shoes like an ordinary sticker which will flex and move with the shoe
Form 2: Evaluate CLASSIFICATION
STAGE
Evaluator
Andy Bruce
Type
New Product
Decision date
30 Sep 2008
Stage
Screen
SUMMARY OF KEY FACTS Value Strategic Acceptable Feasible Enduring
SCORE
There are some concerns with the low retail unit price of this product - we will need to drive large volume sales The product reinforces our relationship with the large retailers which is in line with our strategy Focus groups have been held with consumers and retailers and their reaction has been very positive Production of this item is pretty straightforward and the line can be built within the anticipated time frame Some issues about this product being a bit of a 'fad' however given the relatively low entry cost it was felt that the risk was worthwhile Score
3 5 5 4
VALUES Value
£1,000,000
Link to Goal Expand Product Range Buy-in
Key stakeholders include: Operations and purchasing
Investment £100,000
4
Years of benefit
21
RoII %
2 years 900
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Form 3: Commit IDEA DECISION Conclusions
Based on the information provided we have decided that this idea moves forward as a line extension and hence BAU
Decision
Go (Project)
Priority
A
Period
2009-Q1
Innovation Champion
Edwards(Mark) TARGET OUTCOMES
Primary Objective
To achieve first quarter sales of £100,000
Secondary Objective To strengthen our key account relationships Boundaries & Constraints
We might not get the full share of shelf space that we need to achieve these sales
Form 4: Implement WORKPLAN
MILESTONE OR DELIVERABLE
OWNER
START DATE
CLOSE DATE
STATUS
Paul Clark
14 Aug 2008
14 Sep 2008
Black
A
Research
Competitor and Market Research Completed
B
Marketing
Marketing Plan Complete
Simon Derry
14 Sep 2008
24 Sep 2008
Black
C
Sales
Retail Sales Plan and Targets Established
Andy Bruce
24 Sep 2008
24 Oct 2008
Red
D
Operations
Full Production Plan and Budget Competed Mark Edwards
24 Oct 2008
04 Dec 2008
Amber
E
Launch
Product Launched
04 Dec 2008
12 Dec 2008
Amber
14 Aug 2008
12 Dec 2008
Red
Simon Derry
Graphic: Implementation Gantt Chart
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Virtual ConsultantTM The Virtual ConsultantTM provides a step-by-step guide to completing this business template. It is worded as a series of questions designed to make you stop and think about this topic in a challenging and creative way – as if a business coach or consultant was sitting next to you.
Form 1: Capture Idea ID and name What is the unique identifier or number and the brief title of the New Idea? (limited to 40 characters) Description What is the full description of the new idea? Note: try to phrase the description from the potential customers perspective - if you had ten second to convince your boss that this would be a good idea, what would you say? This is sometimes referred to as the 'Elevator Pitch' Originator Who or what is the originator of this idea? Note: this is useful so that: 1) the idea can be reviewed within a business context, and 2) so that developments and outputs can be communicated back Team Which team or group is responsible for this New Idea, or will be most impacted by it? Source What is the source of the idea? Key Facts / Assumptions What are the key facts or background information relating to this New Idea? Note: explain how this New Idea will impact on business performance, and if there are any timing considerations Think about the following:
Timing considerations - are there any deadlines, or is there a specific window of opportunity? Funding - where is funding likely to come from if not internal? Idea source - where did the idea come from, is it something that others are doing already or this a creative thought?
Form 2: Evaluate Evaluator Who is responsible for evaluating this idea? This person will typically conduct a quick review to assess how the idea stacks up against the VSAFE criteria in the following grid Decision Date What is the date for completion of the formal evaluation? Idea Type What type of idea is this? In the areas of innovation ideas can fall into one of several types: process improvement, new product / service development, new market development, or new business development (which may involve partnering or acquisitions). The type of idea therefore provides an idea of the scope and direction of change, and what the likely investment and risk profile is likely to be.
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Stage What is the current state of progression for this idea? This will reflect the four forms: Capture, Evaluate, Decide or Implement. Value How will this idea impact on business goals or Key Performance Indicators (KPIs)? What is the financial benefit associated with this idea? Strategic Is this idea consistent with current strategy and product / market priorities? Which current business goal or imperative does this idea relate to? Acceptable Will this idea be acceptable to all key stakeholders - those people that need to commit and buy-in to its implementation? What is the view of the various key stakeholders? Feasible Can this idea be implemented given current people, resource and budget constraints? What budget is required to implement this idea? Enduring Will the benefits from this idea endure beyond the short-term or current operating period? How many years of benefit will result from this idea? Score and Return-on-Innovation-Investment (RoII) What is the overall score for this idea? This allows you to assess the relative priority of ideas using a common structure, and to assess each idea in terms of whether it stacks up on its own against the ‘ideal’ What is the return on the investment in this idea?
Form 3: Decide
Conclusions What is the conclusion of the review team (Innovation Review Board)? This should communicate back to the originator the thinking of the review team and why the idea was good or not Decision What is the recommendation for this idea: Go (as either Business-as-Usual or a project), No Go (Kill), Modify (and resubmit) or Wait (define the next review period) Priority What is the relative priority given to this idea? A = High impact and high urgency (top priority) B = High impact but low urgency (these ideas should be dealt with proactively before they become urgent) C = Low impact but high urgency D = Low impact and low urgency Period In which operating period will the idea be implemented and the benefits be realised? Innovation Champion Who will be responsible for the effective implementation of this idea? This may be the originator or evaluator but it may be better to use someone from the area most affected © SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Primary Objective What is the primary purpose or benefit to be realised through implementation of this idea? Secondary Objective What additional objectives or benefits could be realised whilst implementing this idea? Boundaries or constraints What are the boundaries and constraints for this idea that will limit the scope of the implementation activities?
Form 4: Implement Workplan What are the major phases or steps to be undertaken in the completion of this project? Note: reflect on the underlying issue and ask what needs to be done to improve performance Consider using the generic stages for continuous innovation and improvement: 1. Define. Clarify objectives and scope, appoint the Project Sponsor and Leader, and agree the business case 2. Measure. Assess current performance and the gap with the ideal, and calculate the return-on-project-investment 3. Analyse. Quantify the potential impact on performance, and assess alternative solutions (make a decision) 4. Improve. Conduct a pilot, validate the approach and implement the changes 5. Control. Ensure benefits will endure in the long-term and make this Business-As-Usual (BAU) 6. Learning and close. Capture lessons learned, congratulate the team and close the project Outcome or Deliverable What will be the significant deliverable or outcome from each phase? Note: think about how you will know if each phase has been completed successfully, or at which points you need to stop and formally assess progress Start date and target close date What is the anticipated start and close date for each phase? Status Finally, what is the current status for each phase?
Red = major concerns and immediate corrective action is required Amber = some concerns and needs to be monitored closely Green = on-track but not yet complete Black = complete
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Innovation Tracker Use the following blank template to address an issue or opportunity within or business or team.
Form 1: Capture NEW IDEA DESCRIPTION ID Idea name Description Originator Team Source Key Facts / Assumptions
Form 2: Evaluate CLASSIFICATION
STAGE
Evaluator
Type
Decision date
Stage SUMMARY OF KEY FACTS
SCORE
VALUES
Value
Value
Strategic
Link to Goal
Acceptable
Buy-in
Feasible
Investment
Enduring
Years of benefit Score
RoII %
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Form 3: Commit IDEA DECISION Conclusions Decision Priority Period Innovation Champion TARGET OUTCOMES Primary Objective Secondary Objective Boundaries & Constraints
Form 4: Implement WORKPLAN
MILESTONE OR DELIVERABLE
OWNER
START DATE
CLOSE DATE
STATUS
A B C D E F
Graphic: Implementation Gantt Chart A B C D E F Timeline >>>>
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
What is Innovation Tracker?
When should you use it?
Innovation Tracker is a structured method for capturing, screening, prioritising and managing the innovation process from ideas to implementation.
Innovation Tracker can be used to capture ideas generated from planned [proactive] activities such as annual business planning or regular focused innovation workshops, or from [reactive] events such as opportunities and threats occurring on a day-to-day basis.
Why is it relevant? Innovation is a critical success factor for most organizations and teams that need to differentiate in a competitive market place – you should constantly find ways to do things faster, better and cheaper.
Who needs to be involved? Involve everyone in your process for generating new ideas but make sure you have the buy-in from a member of the senior team in order to gain the necessary resources, budgets and approvals. The effectiveness of the monthly review meeting will determine the level of impact innovation will have on future business performance.
How should you implement it? Start by gaining support for your approach from key stakeholders, and then agree the process that will be used to generate and review ideas. Then issue the team with the Innovation Tracker template as encourage everyone to start by identifying at least one idea for performance improvement. The template provides a step-by-step guide for managing your ideas through four stage from capture to implementation.
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Innovation Tracker This is a case example based on a fictitious company called TVT – all the data is displayed for demonstration purposes only. For a detailed explanation of what each cell is used for please refer to the Virtual Consultant on the following pages.
Form 1: Capture NEW IDEA DESCRIPTION ID
InnovX.001
Idea name
TVT Sneakart
Description
A product that allows customers to customise their sneakers
Originator
Patrick Harper-Smith
Team
Cross-functional
Source
Focused Innovation Workshop
Key Facts / Assumptions
This product is a revolutionary sneaker customisation concept for footware enthusiasts. It uses new sneakskin technology, it creates a simple and cost-effective way to change the look of sneakers with a minimum of fuss. Sneakerskin is a type of sticker film that applies to shoes like an ordinary sticker which will flex and move with the shoe
Form 2: Evaluate CLASSIFICATION
STAGE
Evaluator
Andy Bruce
Type
New Product
Decision date
30 Sep 2008
Stage
Screen
SUMMARY OF KEY FACTS Value Strategic Acceptable Feasible Enduring
SCORE
There are some concerns with the low retail unit price of this product - we will need to drive large volume sales The product reinforces our relationship with the large retailers which is in line with our strategy Focus groups have been held with consumers and retailers and their reaction has been very positive Production of this item is pretty straightforward and the line can be built within the anticipated time frame Some issues about this product being a bit of a 'fad' however given the relatively low entry cost it was felt that the risk was worthwhile Score
3 5 5 4
VALUES Value
£1,000,000
Link to Goal Expand Product Range Buy-in
Key stakeholders include: Operations and purchasing
Investment £100,000
4
Years of benefit
21
RoII %
2 years 900
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Form 3: Commit IDEA DECISION Conclusions
Based on the information provided we have decided that this idea moves forward as a line extension and hence BAU
Decision
Go (Project)
Priority
A
Period
2009-Q1
Innovation Champion
Edwards(Mark) TARGET OUTCOMES
Primary Objective
To achieve first quarter sales of £100,000
Secondary Objective To strengthen our key account relationships Boundaries & Constraints
We might not get the full share of shelf space that we need to achieve these sales
Form 4: Implement WORKPLAN
MILESTONE OR DELIVERABLE
OWNER
START DATE
CLOSE DATE
STATUS
Paul Clark
14 Aug 2008
14 Sep 2008
Black
A
Research
Competitor and Market Research Completed
B
Marketing
Marketing Plan Complete
Simon Derry
14 Sep 2008
24 Sep 2008
Black
C
Sales
Retail Sales Plan and Targets Established
Andy Bruce
24 Sep 2008
24 Oct 2008
Red
D
Operations
Full Production Plan and Budget Competed Mark Edwards
24 Oct 2008
04 Dec 2008
Amber
E
Launch
Product Launched
04 Dec 2008
12 Dec 2008
Amber
14 Aug 2008
12 Dec 2008
Red
Simon Derry
Graphic: Implementation Gantt Chart
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Virtual ConsultantTM The Virtual ConsultantTM provides a step-by-step guide to completing this business template. It is worded as a series of questions designed to make you stop and think about this topic in a challenging and creative way – as if a business coach or consultant was sitting next to you.
Form 1: Capture Idea ID and name What is the unique identifier or number and the brief title of the New Idea? (limited to 40 characters) Description What is the full description of the new idea? Note: try to phrase the description from the potential customers perspective - if you had ten second to convince your boss that this would be a good idea, what would you say? This is sometimes referred to as the 'Elevator Pitch' Originator Who or what is the originator of this idea? Note: this is useful so that: 1) the idea can be reviewed within a business context, and 2) so that developments and outputs can be communicated back Team Which team or group is responsible for this New Idea, or will be most impacted by it? Source What is the source of the idea? Key Facts / Assumptions What are the key facts or background information relating to this New Idea? Note: explain how this New Idea will impact on business performance, and if there are any timing considerations Think about the following:
Timing considerations - are there any deadlines, or is there a specific window of opportunity? Funding - where is funding likely to come from if not internal? Idea source - where did the idea come from, is it something that others are doing already or this a creative thought?
Form 2: Evaluate Evaluator Who is responsible for evaluating this idea? This person will typically conduct a quick review to assess how the idea stacks up against the VSAFE criteria in the following grid Decision Date What is the date for completion of the formal evaluation? Idea Type What type of idea is this? In the areas of innovation ideas can fall into one of several types: process improvement, new product / service development, new market development, or new business development (which may involve partnering or acquisitions). The type of idea therefore provides an idea of the scope and direction of change, and what the likely investment and risk profile is likely to be.
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Stage What is the current state of progression for this idea? This will reflect the four forms: Capture, Evaluate, Decide or Implement. Value How will this idea impact on business goals or Key Performance Indicators (KPIs)? What is the financial benefit associated with this idea? Strategic Is this idea consistent with current strategy and product / market priorities? Which current business goal or imperative does this idea relate to? Acceptable Will this idea be acceptable to all key stakeholders - those people that need to commit and buy-in to its implementation? What is the view of the various key stakeholders? Feasible Can this idea be implemented given current people, resource and budget constraints? What budget is required to implement this idea? Enduring Will the benefits from this idea endure beyond the short-term or current operating period? How many years of benefit will result from this idea? Score and Return-on-Innovation-Investment (RoII) What is the overall score for this idea? This allows you to assess the relative priority of ideas using a common structure, and to assess each idea in terms of whether it stacks up on its own against the ‘ideal’ What is the return on the investment in this idea?
Form 3: Decide
Conclusions What is the conclusion of the review team (Innovation Review Board)? This should communicate back to the originator the thinking of the review team and why the idea was good or not Decision What is the recommendation for this idea: Go (as either Business-as-Usual or a project), No Go (Kill), Modify (and resubmit) or Wait (define the next review period) Priority What is the relative priority given to this idea? A = High impact and high urgency (top priority) B = High impact but low urgency (these ideas should be dealt with proactively before they become urgent) C = Low impact but high urgency D = Low impact and low urgency Period In which operating period will the idea be implemented and the benefits be realised? Innovation Champion Who will be responsible for the effective implementation of this idea? This may be the originator or evaluator but it may be better to use someone from the area most affected © SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Primary Objective What is the primary purpose or benefit to be realised through implementation of this idea? Secondary Objective What additional objectives or benefits could be realised whilst implementing this idea? Boundaries or constraints What are the boundaries and constraints for this idea that will limit the scope of the implementation activities?
Form 4: Implement Workplan What are the major phases or steps to be undertaken in the completion of this project? Note: reflect on the underlying issue and ask what needs to be done to improve performance Consider using the generic stages for continuous innovation and improvement: 1. Define. Clarify objectives and scope, appoint the Project Sponsor and Leader, and agree the business case 2. Measure. Assess current performance and the gap with the ideal, and calculate the return-on-project-investment 3. Analyse. Quantify the potential impact on performance, and assess alternative solutions (make a decision) 4. Improve. Conduct a pilot, validate the approach and implement the changes 5. Control. Ensure benefits will endure in the long-term and make this Business-As-Usual (BAU) 6. Learning and close. Capture lessons learned, congratulate the team and close the project Outcome or Deliverable What will be the significant deliverable or outcome from each phase? Note: think about how you will know if each phase has been completed successfully, or at which points you need to stop and formally assess progress Start date and target close date What is the anticipated start and close date for each phase? Status Finally, what is the current status for each phase?
Red = major concerns and immediate corrective action is required Amber = some concerns and needs to be monitored closely Green = on-track but not yet complete Black = complete
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Innovation Tracker Use the following blank template to address an issue or opportunity within or business or team.
Form 1: Capture NEW IDEA DESCRIPTION ID Idea name Description Originator Team Source Key Facts / Assumptions
Form 2: Evaluate CLASSIFICATION
STAGE
Evaluator
Type
Decision date
Stage SUMMARY OF KEY FACTS
SCORE
VALUES
Value
Value
Strategic
Link to Goal
Acceptable
Buy-in
Feasible
Investment
Enduring
Years of benefit Score
RoII %
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
Form 3: Commit IDEA DECISION Conclusions Decision Priority Period Innovation Champion TARGET OUTCOMES Primary Objective Secondary Objective Boundaries & Constraints
Form 4: Implement WORKPLAN
MILESTONE OR DELIVERABLE
OWNER
START DATE
CLOSE DATE
STATUS
A B C D E F
Graphic: Implementation Gantt Chart A B C D E F Timeline >>>>
© SofTools, 2009. For more information on related products and services, visit www.Fast-Track-Me.com or contact us at: [email protected]
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