We are thrilled to introduce the latest addition to our platform: Innovation Investments. Whilst our platform has supported project reporting for more than a year, this is our first report designed exclusively for innovation.
Many of our conversations about the digital transformation of project delivery quickly turn to the question of how to monitor the commercial elements of innovation, particularly the return on investment across a portfolio of projects. In response, we developed Innovation Investments.
What is Innovation Investments?
Innovation Investment is a new report available in our real-time reporting tool Insights. With Innovation Investments, you can monitor spend, return on investment (ROI) and performance, of projects that fall within your innovation portfolio. We've decided to focus this first release of Innovation Investments on commercialisation, helping you keep an extra close eye on ROI. Do let us know if there are any innovation metrics that you would find especially helpful.
Who can use it?
Innovation Investments is built for innovation leaders and directors, as well as other users for whom ROI is a useful metric, such as C-suite, directors and finance. Innovation Investments is available today to all clients that currently have access to Insights, our real-time reporting tool.
Which projects should I include?
It is up to each client organisation to decide which projects to include. It may be projects with a specific innovation budget or a simply a set of projects where you want to capture benefits.
Once you've decided which projects you want to include, setting them up is simple.
How to use and activate
To add a project to your innovation investment portfolio, you need to mark the project as an innovation project.
Go to the project page, to mark the project that you wish to appear in the report, as innovation. Click 'Edit project' in the header and click the tick-box in the Innovation section.
image: when editing, or creating a new project
This activates a new module on the project page labelled 'Innovation'. This module allows you to add forecast and actual ROI.
image: when Innovation is activated on a project page, with set ROI forecast
Click 'Update' to add your forecast and actual ROI.
image: updating the ROI forecast, on a project page
With the ROI set, head over to Insights, our real-time reporting platform, and click ‘Innovation Investments’. There you'll find your project, with up to date information on ROI, budget, spend as well as project performance.
image: Innovation Investments, with live projects Innovation Investments is now available to all IAND client companies. Want to start using this report? Feel free to activate innovation projects, or why not contact your account manager for a demo and full run-through. If you're not yet a client and would like to find out more, contact our team on info@iand.com.