Innovation Requires The Right Processes To Flourish

Rapidly changing buyer behavior and persistent market volatility heavily disrupt every market. Companies of all sizes need to innovate their products, their internal processes, their go-to-market strategies, and how they organize and share information internally. But current systems and processes are not designed to meet the new challenges. Innovation is synonymous with risk, and most firms tend to be risk-averse. The mismatch between innovation's goals and standard governance processes is a roadblock for innovation — especially when it comes to technology-enabled innovation. As organizations shift from optimizing the old to exploring and exploiting the new, they need to customize their funding models and processes to help the business innovate — quickly and safely. This report helps CIOs design and implement an innovation governance framework that promotes innovation while managing risks to acceptable levels. This report replaces an earlier version and has been extensively rewritten based on new research.