Innovation Strategies: Part 1 — Creating a Balanced Enterprise Innovation Portfolio Based on Business/IT Goals
This IDC study provides a basic framework that business/IT leaders can use to identify their goals for innovation in terms of how willing the enterprise is to make extensive and risky investments in digital transformation (DX). IDC recommends that innovation initiatives be segmented into a portfolio that can enable CIOs and their business partners to identify and prioritize DX innovations in terms of their value, risk, complexity, and goals. By adopting these practices, CIOs and senior managers will:Develop a complete portfolio of innovation options.Clearly position innovations in terms of whether they are intended to achieve incremental business/IT optimization, to adapt to external ecosystem changes already under way, or to disrupt the enterprise's markets.Be able to make better choices about which DX investments to prioritize.Improve their ability to identify the organization, talent, metrics, and goals for individual innovation initiatives."Innovation is not a one-size-fits-all term," says Fred Magee, adjunct analyst for IDC's Executive Program. "Rather than treating innovation in one way, IDC suggests that you break up your projects and goals into three categories that are defined by the value you hope to receive and the complexity and risk of achieving it — incremental, adaptive, and disruptive innovations."
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook