The building always the Innovation Business Case offers a unique approach to tackle one of the real problem areas within innovation- making the case compelling.
One of the toughest aspects within Innovation is making the Business Case. Much of the information is imperfect, the returns are often fuzzy and the doubters ready to block and deter new ideas from entering the commercialization process.
Knowing the issues, reducing often the ‘noise and distractions’ and making the professional case is what we need to do to attract commitment to the projects we are working upon.
How can you reduce down uncertainty? By ensuring the innovation business case takes a clear methodical approach to this and builds the arguments up in a sound structured way, that shows the areas of clear discussion and conclusion and reduces down the more ’emotive parts, so as to allow the ‘idea or concept’ to firm up and be seen for its real merits.
I would initially consider a fairly rigorous examination of all those that might be involved in the approval
So getting to know the health of anything usually requires some rigorous examination and the potential within the new innovation concept needs some evaluating.
It is no different for understanding your innovation fitness. We explore fitness in many ways and some of these approaches are unique, exciting and ‘dynamic’.
Any examination needs to follow a ‘routine’ methodical check up. In our view any initial innovation examination requires to explore four key ‘health’ indicators
1. The ‘fit for purpose‘ in strategic and innovation intent, definitions of success, the core values, sense of mission .
2. What are the expectations and the environment you chose to compete in3. What condition of ‘readiness’ in design, capabilities and capacity4. Have the critical processes for creating success been laid in or still have critical gaps
The outcome are your initial examination results? These form the ‘way forward’ in discussions, resolution and design.
So what is the approach taken?
A systematic model that you go through, that takes the business case through a structured step-by-step approach, enabling arguments based on facts to build and grow, to layout challenges and uncertainties, so everyone involved can see the same steps of approach in making the case.
The business evaluation obtained provides a consistency of approach to all cases irrespective across the organization. one to build a compelling comprehensive case-building technique that provides all stakeholders with their essential information through a clear transparent process.
This should include consideration for the following within the preparation and assessment:
- Offering different creativity tools to start the process, structuring project information on a comparable basis, clarifying often different definitions of success, providing suggested guidelines to individuals making the case, exploring different aspects of ‘getting ready’ to make the case and what that means and points to where to go to resolve these.
- Then we move into building the business case preparation, cost and benefit analysis, clarifying opportunity need, factor analysis, assessing stakeholder interests, clarifying uncertainties.
- The next group of factors to consider is making the clear assessments of competition, outlining the tactical moves to be considered market attractiveness, the ability to execute and what business model does the business case take to provide the fit and attract the commitment.
- Lastly to go back through the Business Case elements check-list to present a format that builds up and breaks down the case logically with the best available inputs, the unique selling proposition and the future resources needed to translate this case into a winning commercial prospect, with clear time lines and milestones and the projected financial and commercial value it would provide.
Moving an idea into a mainstream activity is one of the hardest aspects to achieve. Making the innovation business case a winning one is not down to luck, it is down to a systematic approach to building up the compelling case for this. Making the innovation case in a well-structured process gives greater opportunity for identification and realization.
This approach we take offers a comprehensive solution to the innovation business case and its methodology . To find out more contact me.