Learning objective

After reading the component you will have acquired a basic knowledge of what an innovation audit is, why it is useful as well as where and how you could organise it for your company.  You will also be able to recall basic steps in order to properly implement it. It will take 40 minutes to go through this module, but if you complete the suggested tasks it will take longer.


Today many companies are seeking to improve their innovation performance by having a clear view of both their current and potential innovation capability.  It has been a common desire in the business world that companies must be able to be constantly innovative to maintain or improve their position in the market. They also recognize that successful sustained innovation is a proven route to drive organic growth and that it has an impact on revenues, margins and share price. 1
However, innovation is a highly complex topic and not easily measured and managed particularly with the traditional methods. The point with innovation measurement or assessment is not simply to collect data but to use some measures to drive improvement of the innovation process. As the quality guru, W. Edwards Deming, pointed out, “If you don’t measure it you can’t improve it”. This module explains the concept of an innovation audit, which comes to serve the above purposes and support SMEs in this complex task.


1  www.innovaro.com/inno_updates/Innovation%20Briefing%2007-07.pdf

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