What is an Innovation Dashboard and Why You Need One for Your Business8 min read
If you are looking for a way to manage your ideas, and innovation projects, track your progress, and measure your results, consider using an innovation dashboard. An innovation dashboard is a tool that helps you visualize and communicate your innovation strategy, goals, activities and outcomes. It can help you align your team, stakeholders, and customers around a common vision, monitor your performance, and celebrate your achievements.
Why is the Innovation Dashboard important?
An innovation dashboard can provide many benefits for your innovation process, such as:
Transparency: It can help you communicate your innovation vision, strategy, objectives and roadmap to your team, stakeholders and customers. It can also help you showcase your innovation efforts and results to your senior management and board.
Alignment: It can help you align your innovation activities with your organizational goals, values and priorities. It can also help you align your team members, partners and customers around a common understanding of the problem, the solution and the value proposition.
Accountability: It can help you track your progress and performance against your innovation goals, indicators and metrics. It can also help you identify and address any issues, risks or gaps in your innovation process.
Learning: It can help you capture and share your insights, learnings and best practices from your innovation experiments, tests and pilots. It can also help you learn from your failures and successes and improve your innovation capabilities.
Recognition: It can help you celebrate your achievements and milestones in your innovation journey. It can also help you recognize and reward your team members, partners and customers for their contributions and involvement.
What is an Innovation Dashboard and Why You Need One
If you want to manage your ideas and innovation projects, track your progress and measure your results, consider using an innovation dashboard. An innovation dashboard is a tool that helps you visualize and communicate your innovation strategy, goals, activities and outcomes. It can help you align your team, stakeholders, and customers around a common vision, monitor your performance, and celebrate your achievements.
Who is the Innovation Dashboard for?
An innovation dashboard is designed for anyone involved in or responsible for innovation in their organization. This can include:
Innovation managers and leaders who want to oversee and coordinate multiple innovation projects, initiatives and programs
Innovation teams who want to collaborate and share their ideas, insights, experiments and learnings
Innovation sponsors and champions who want to support and promote innovation culture and capabilities
Innovation partners and customers who want to co-create and provide feedback on innovation solutions
Accept mission innovation dashboard
What are the business benefits of a good innovation dashboard?
Innovation is the lifeblood of any business. It is creating new products, services, processes, or business models that deliver value to customers and stakeholders. Innovation can help businesses gain a competitive edge, increase customer satisfaction, reduce costs, and improve efficiency.
But how can businesses measure and manage their innovation performance? How can they track the progress and impact of their innovation projects? How can they identify the best opportunities and allocate resources accordingly?
This is where a good innovation dashboard comes in. An innovation dashboard is a tool that provides a comprehensive and visual overview of a business’s innovation activities and outcomes. It helps businesses monitor, evaluate, and communicate their innovation performance and strategy.
An innovation dashboard can have multiple benefits for a business, such as:
Aligning innovation goals and actions: An innovation dashboard can help businesses define and communicate their innovation vision, mission, objectives, and metrics. It can also help them align their innovation activities with their business strategy and goals. By having a clear and shared understanding of what innovation means for the business and how it contributes to its success, businesses can foster a culture of innovation and collaboration across the organization.
Improving innovation decision-making: An innovation dashboard can help businesses collect and analyze data on their innovation performance and impact. It can help them track their innovation projects’ progress, results, and ROI. It can also help them identify their innovation portfolio’s strengths, weaknesses, opportunities, and threats. Businesses can make informed and evidence-based decisions on their innovation investments and priorities by accessing reliable and relevant information.
Enhancing innovation communication and reporting: An innovation dashboard can help businesses communicate and report their innovation achievements and challenges to various stakeholders, such as customers, employees, investors, partners, regulators, etc. It can help them showcase their innovation capabilities and value proposition. It can also help them solicit stakeholder feedback and input to improve their innovation processes and outcomes.
A good innovation dashboard should be:
Customized: An innovation dashboard should reflect the business’s specific needs, goals, and context. It should include the metrics and indicators that are most relevant and meaningful for the business and its stakeholders. It should also be adaptable and flexible to accommodate business environment and strategy changes.
Comprehensive: An innovation dashboard should cover all aspects of the innovation process, from ideation to implementation to evaluation. It should include both input metrics (such as resources, activities, inputs) and output metrics (such as results, outcomes, impacts). It should also include both quantitative metrics (such as numbers, percentages, ratios) and qualitative metrics (such as stories, testimonials, feedback).
Visual: An innovation dashboard should present the data clearly and engagingly. It should use charts, graphs, tables, icons, colors, etc. to visualize the data and highlight the key insights. It should also use simple and concise language to explain the data and its implications.
A good innovation dashboard can be a powerful tool for any business that wants to innovate successfully. It can help businesses plan, execute, evaluate, and communicate innovation efforts. It can also help businesses create value for themselves and their stakeholders.
How to create an Innovation Dashboard?
An innovation dashboard is a tool that helps you measure and manage your innovation performance. It allows you to track the progress of your innovation projects, the impact of your innovation activities, and the value of your innovation portfolio. An innovation dashboard can also help you communicate your innovation strategy and goals to your stakeholders and foster a culture of innovation in your organization.
But what should you include in your innovation dashboard? What are the essential elements that make it effective and useful? And how can you find the best examples of data that can inspire you to create your own dashboard?
There are many ways to create an innovation dashboard, depending on your needs, preferences and resources. However, some common steps are:
Define your innovation goals: What are you trying to achieve with your innovation projects? What are the desired outcomes and impacts? How will you measure them?
Select your innovation indicators: What key indicators will show you how well you achieve your innovation goals? How will you collect and analyze them?
Choose your innovation tools: What tools will help you collect, visualize and communicate your innovation data? How will you integrate them with your existing systems and platforms?
Design your innovation layout: How will you organize and present your innovation data in a clear, concise and compelling way? What are the key elements, sections and features that will make up your innovation dashboard?
Implement your innovation dashboard: How will you launch and maintain your innovation dashboard? How will you ensure its accuracy, reliability and security? How will you update it regularly with new data and information?
Use your innovation dashboard: How will your innovation dashboard inform, inspire and influence your team, stakeholders and customers? How will you use it to monitor, evaluate and improve your innovation process?
With Accept Mission, you can create an innovation dashboard in minutes
Accept Mission delivers an Innovation dashboard and many reports out of the box to build an effective and engaging innovation dashboard. Accept Mission is a platform that helps you manage your entire innovation process from idea generation to implementation. It allows you to:
Generate ideas with gamified campaigns (missions)
Score and Select the best ideas with smart insight tools
Validate ideas with group decision-making tools and feedback tools
Experiment with ideas with lean startup methods
Implement ideas with agile project management tools
Track ideas with real-time dashboards
A built-in Innovation dashboard covers all important aspects of an innovation dashboard. Next to this, Accept Mission offers full integration with BI software like Power BI. Power BI templates are available with a complete dashboard that is customizable to fit your company.
These are some key elements of the innovation dashboard of Accept Mission:
Your innovation vision, strategy, objectives and roadmap
Your current innovation projects, initiatives and programs
Your idea funnel, pipeline and portfolio
Your idea validation, experimentation and implementation results
Your idea impact, value creation and return on investment
Your most important KPI’s leading and lagging)
If you want to learn more about how Accept Mission can help you create an amazing innovation dashboard for your organization, start a trial or request a demo today.