How to assess your company’s level of innovation

An innovation audit is a fundamental step in understanding how your organization is managing innovation, and recognizing which parts of the funnel are working and where more effort is needed. An innovation audit process gathers insights from within the organization and sets the ground for evidence-based decision making. By looking inwards, it is possible to design a program tailored to the company's needs and to avoid initiating expensive and potentially unhelpful innovation strategies and programs. The innovation audit process involves gathering data from a quantitative survey sent out globally across departments and business units followed by semi-structured qualitative interviews with c-suites and senior management. Clustering and categorizing of data collected from interviews help to identify potential barriers to innovation. The identified challenges can later be addressed through innovation strategy sprints and Innovation mission mapping.