How can you conduct an innovation audit?

2 Choose your method

The second step is to choose the method or framework for your innovation audit. There are various tools and models that you can use to measure and analyze different aspects of innovation, such as the Innovation Capability Maturity Model, the Innovation Radar, the Innovation Excellence Framework, or the Innovation Index. You should select the one that best suits your scope, objectives, and data sources. You should also consider the validity, reliability, and usability of the method.

4 Analyze your data

The fourth step is to analyze the data that you have collected for your innovation audit. You should use appropriate statistical and analytical techniques to process, summarize, and interpret the data. You should look for patterns, trends, gaps, and opportunities in the data, and compare them with your objectives, criteria, and benchmarks. You should also identify the strengths and weaknesses of your innovation capabilities, performance, and potential.

5 Report your findings

The fifth step is to report your findings from your innovation audit. You should present your results in a clear, concise, and compelling way, using charts, graphs, tables, or diagrams to illustrate your points. You should highlight the key findings, insights, and recommendations from your analysis, and explain how they relate to your objectives, criteria, and benchmarks. You should also provide evidence and examples to support your claims.

6 Implement your actions

The sixth and final step is to implement the actions that you have derived from your innovation audit. You should prioritize the actions that have the most impact, feasibility, and urgency for your organization. You should also assign roles, responsibilities, and resources for each action, and set timelines, milestones, and indicators for monitoring and evaluating their progress and outcomes. You should also communicate and engage your stakeholders throughout the implementation process.