How To De-Risk Innovation Investments And Prioritize Opportunities

Innovation management involves taking bold bets on the future while navigating through risks. Three important principles to de-risk innovation investments are prioritizing, transparency, and understanding internal capabilities. Evidence for expected changes in the business environment can be collected using environmental scanning software for decision-making. Scenario planning produces narratives about the future that companies can use to identify opportunity spaces in which to play and direct their innovation strategy. Transparency is essential for de-risking innovation investment as it consolidates information into a single source of truth to achieve consensus. Understanding internal capabilities prevents companies from investing resources into developing a service that teams are unable to deliver. ITONICS Innovation OS helps de-risk innovation investments through environmental scanning, scenario planning, roadmap building, and portfolio management.