Dual Innovation Management (PowerPoint PPTX Slide Deck)

DESCRIPTION

This product (Dual Innovation Management) is a 26-slide PPT PowerPoint presentation slide deck (PPTX), which you can download immediately upon purchase.

Innovation Management comprises of managing the whole process of an organization's Innovation efforts. The Innovation Management process entails phases from conception through successful implementation, including making strategic decisions, taking critical actions, and exercises of contriving and executing an Innovation Strategy.

Conventional Innovation Management is unable to sustain itself in the face of contemporary needs. Organized and most modern Innovation Management necessitates a business to have 2 key capabilities:
1. Discovering fresh offerings
2. Exploiting prevailing opportunities

We call this approach Dual Innovation Management. Dual Innovation has become a necessity for businesses to survive intense competition in today's markets. Dual Innovation refers to extending current Business Models in new directions, as well as creating completely novel Business Models at the same time.

In order to manage such complex Innovation scenarios, a proper Dual Innovation Management System is required to be put in place. For such a system to be established, following 4 vital premises, on which the system is contingent, are essential:

1. Balanced Portfolio Approach – Innovation Management takes an equalized portfolio approach. The whole Innovation portfolio can be bifurcated into Exploitation-focused and Exploration-focused Innovation ventures.

2. Equal importance to Exploitation and Exploration – Leading executives have to be completely on-board in assigning same level of importance to Exploitation and Exploration ventures as both are essential for a company to prosper tenably.

3. Separation of Exploitation and Exploration initiatives – Exploitation-focused and Exploration-focused ventures are set apart on the basis of organizational anchoring, governance, and funding perspectives.

4. Support by a proper Idea Management System – Nurturing an Innovation Portfolio is aided by a good Idea Management System which either assigns an in-house or external idea to the analogous unit, or rejects it.

This Dual Innovation Management PowerPoint presentation not only covers the Dual Innovation Management Model in further detail, but also sheds light on 3 Strategic Horizons of Innovation and the Idea Management Framework.

The slide deck also includes some slide templates for you to use in your own business presentations. These PowerPoint templates convey Dual Innovation Management Systems, the Idea Management Framework, and the Dual Innovation Management Model.

Source: Best Practices in Innovation, Ideation PowerPoint Slides: Dual Innovation Management PowerPoint (PPTX) Presentation Slide Deck, Flevy

PPT SLIDE DEEP DIVES

Framework for Dual Innovation Management Strategy

This PPT slide presents a framework for Dual Innovation Management, emphasizing its role in reshaping core business operations while simultaneously exploring new opportunities. It outlines key components of the innovation portfolio, divided into 2 main categories: Exploitation and Exploration.

Under Exploitation, the focus is on capturing execution value through established business models and technologies. This section highlights the importance of operational governance, funding mechanisms, and strategic objectives. It suggests that organizations should prioritize annual budgeting and leverage existing markets to optimize their current offerings.

In contrast, the Exploration section emphasizes value creation through innovative practices. It encourages the establishment of dedicated exploration units and corporate innovation boards to foster a culture of creativity. The funding approach here involves corporate funds and staged investments, allowing for flexibility in pursuing new business models.

The framework is further segmented into 3 strategic horizons: H1 (Core), H2 (Growth), and H3 (Future). H1 focuses on optimizing existing business models, while H2 aims at scaling new models and adapting to evolving markets. H3 is about discovering and validating entirely new business opportunities, positioning the organization for future success.

Leadership and enabling factors are also discussed, suggesting that an open, collaborative culture and effective idea management systems are crucial for fostering innovation. The slide concludes with a statement on the prevalence of Dual Innovation methodologies among leading firms, reinforcing the model's relevance in today’s business environment. This framework serves as a practical guide for organizations looking to balance their core operations with innovative pursuits.

Strategic Horizons for Innovation Management

This PPT slide presents the "3 Strategic Horizons of Innovation" framework, which categorizes innovation efforts based on their relationship to the core business. It visually divides the horizons into 3 distinct categories: Horizon 1, Horizon 2, and Horizon 3, each representing different levels of innovation and risk. Horizon 1, which encompasses 70% of efforts, focuses on existing business models and is primarily exploitative in nature. This is where organizations refine and enhance current offerings.

Horizon 2, accounting for 20%, serves as a transitional phase. It involves partially new ideas that bridge the existing business with more innovative ventures. This horizon is characterized by both exploitative and exploratory elements, indicating a blend of optimizing current capabilities while also venturing into new territories.

Horizon 3, representing 10%, is dedicated to entirely new concepts and exploration-focused ventures. This area is crucial for long-term growth, as it encourages organizations to innovate beyond their current capabilities and explore new markets or technologies. The arrows labeled "Adapt" and "Scale" suggest strategic actions that can be taken within these horizons, emphasizing the need for flexibility and growth.

The accompanying text clarifies the distinctions between the horizons. H1 is strictly for exploitation, while H2 is a hybrid of both exploitation and exploration. H3 is solely for exploration. This framework is essential for organizations aiming to balance their innovation strategies effectively, ensuring they do not neglect either current operations or future opportunities.

Balancing Exploitation and Exploration for Innovation Success

This PPT slide emphasizes the critical need for business executives, particularly CEOs, to recognize the equal importance of both Exploitation and Exploration ventures in driving innovation. It outlines that a full commitment from top executives is essential for the success of Exploration initiatives. Without this commitment, the likelihood of failure increases significantly.

The text highlights that executives must have a comprehensive understanding of the nature and requirements of genuinely Explorative projects before allocating resources. This understanding is crucial for ensuring that these initiatives receive the necessary support and resources. The slide points out that on-boarding top executives is not merely a formality; it is about securing ongoing support and adequate resources for Exploration efforts.

A key takeaway is the assertion that having committed, high-quality, and permanent employees is perhaps the most vital prerequisite for the success of Explorative ventures. The slide notes that many initiatives fail despite enthusiasm from teams, primarily due to a lack of sufficient personnel. This suggests that the right talent allocation is paramount.

Furthermore, the slide discusses the importance of resource allocation between Exploitation and Exploration, indicating that this decision should align with the overall Business Strategy and the specific context of the organization. It places the onus on the CEO to ensure that resources are distributed effectively to support both types of ventures. Overall, the content serves as a reminder that balanced attention to both Exploitation and Exploration is essential for sustainable growth and innovation.

Strategic Separation of Exploitative and Explorative Ventures

This PPT slide emphasizes the necessity of separating exploitative and explorative innovation ventures while recognizing their critical roles in overall business success. It begins with a clear premise: the need for distinct approaches to exploitation and exploration initiatives. This separation is based on various factors, including organizational anchoring, governance structures, and funding mechanisms.

The overview section succinctly outlines that exploitation-focused ventures are linked to existing operational business units, aimed at core transformation. These ventures are governed by decision-makers within the business unit, supported by an innovation board. Budget allocations are specifically designated for these initiatives, ensuring that resources are appropriately channeled.

On the other hand, exploration-focused ventures are managed by a dedicated unit led by a chief explorer, who directly reports to the CEO. This structure is designed to foster strategic transformation, fundamentally altering how the business operates. The chief explorer also oversees governance, ensuring that innovation efforts are aligned across all divisions through a corporate innovation board.

Financing for exploration initiatives is structured through a corporate fund with a staged investment approach, reflecting a commitment to innovation. Both types of ventures are portrayed as essential for the organization's future, with operational units focused on enhancing current business success while exploration units seek disruptive opportunities to create trailblazing businesses.

This slide serves as a vital reminder for executives to balance their innovation strategies, ensuring that both exploitative and explorative efforts receive the attention and resources they require for sustainable growth.