Innovation Management Matrix
The Innovation Management Matrix can be helpful to anyone handling many innovative projects at one time. This matrix assists the user in identifying which projects are the most likely to be solved and completed; it also aids in recognizing with projects will be worth the effort and will pay off in the end.
At a very high level, the Innovation Management Matrix is used in the context of business, project management.
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What is the Innovation Management Matrix?
A visual explanation is shown in the image above. The Innovation Management Matrix can be described as a matrix with the following quadrants:
- Problem Defined; Domain Not Defined: Breakthrough Innovation: These are innovation projects that could prove to be valuable. The problem is identified, but it is unknown how it can be solved or who can solve it.
- Problem Defined; Domain Defined: Sustaining Innovation: These are valuable innovation projects. The problem is identified, and the method of solving the problem has been found.
- Problem Not Defined; Domain Not Defined: Basic Research: These innovation projects involve research until a problem can be defined. The problem is not identified, nor is a method of solving it.
- Problem Not Defined; Domain Defined: Disruptive Innovation: These are innovation projects involving the highest risk, since their value is not immediately obvious. A problem is not identified, yet the method of action seems apparent.
What is the purpose of the Innovation Management Matrix?
Innovation is an adventure that is full of risk-taking, since it could involve ideas or plans that have never been tried before. The Innovation Management Matrix is a useful tool in evaluating innovative projects that are currently being considered. First, it is vital that a main "problem" or fault in the project's plan is found. In order to ensure a plentiful outcome, the plan for its completion must be flawless. Any problems that could interfere with the project's success must be brought to light, and then a method of solving that problem must be decided upon. Depending on the nature of the problem, such methods can include 1) finding a person who has the capabilities of discovering a solution, 2) working with an experienced team to find a solution, or 3) spending time analyzing the problem and deciding upon viable solutions. When an innovation has a problem that is identified and resolved, it is the most solid and "sustaining" innovation.
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What templates are related to Innovation Management Matrix?
The following templates are categorized as business, project management and are therefore related to Innovation Management Matrix: Gap Analysis Matrix, Kraljic Matrix, Outsourcing Matrix, PICK Matrix, Quadrant Analysis, Risk Analysis Matrix, Risk Value Matrix, TOWS Analysis Matrix. You can browse them using the menu above.
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