One of the most significant outcomes of implementing innovation portfolio management is having a clear road towards strategic resource (re)allocation. Knowing where your resources are going, and why, will help you determine if your innovation investments are being put to good use.
Beyond resource management, IPM offers visibility on the negative space in your innovation portfolio. It shows which strategic objectives don’t have enough projects in the pipeline to drive them; the balance (or lack of) between subcategory projects; and overall excluded strategic objectives that need to be re-introduced through new projects in your pipeline.
Another outcome is having an overview of how ambitious projects are. This helps businesses determine whether their expenses and focus answer to their hopes for change or stability, in the long run. How important your innovation ambitions are will be only determined by your own innovation strategy.
Letting you know if all your eggs are in one basket and understanding all that comes from managing your innovation portfolio will help you, in the end, manage your risks.
Although scarce resources in a specific department, negative spaces, or ambition gaps may, at first, come across as disadvantages, they reveal more about your organization’s true strategic objectives than your current activities.
