“All aspects of the innovation process—ideation, evaluation, validation, and execution—are important. Still, research organizations such as Booz & Co., the Boston Consulting Group, and Pricewaterhouse Coopers continue to produce studies showing that execution performance is the most critical component of innovation.
For example, the Booz & Co. 2012 Global Innovation 1000 study found that those companies that described themselves as highly effective in the early stages of innovation reported that being highly effective at idea conversion is more important to financial success than being highly skilled at generating ideas.
This finding demonstrates that innovative ideas must be transformed into some end that drives business strategy to be of value to organizations. Organizational project management—which includes project, program, and portfolio management—is the system through which innovations are transformed from ideas into actions.
“An effective innovation process is one critical delivery component—it is the life’s blood of an organization’s competitive capability. Project, program, and portfolio management are the circulatory system that helps the innovation process to produce the outputs that achieve organizational strategy and deliver the intended business results.
Organizations that couple the two together effectively greatly increase the likelihood that they will remain viable, competitive players in today’s unpredictable business environment.” – Dan Yurman, excerpted from his article, “A Few Organizing Concepts for Project Management and Innovation in Developing New Nuclear Reactor Technologies” @ Neutron Bytes. Click here to read the article in its entirety.
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