At IUI, our approach is to deliver an innovation audit that is risk-based, industry-specific, and tailored to your particular operational structure and size.
Focus on innovative product: the Foundation of our Audit
- A team dedicated to a multi-disciplinary approach
- Engagements tailored to specific needs
- A commitment to transparency and keeping management informed at every stage
- Commitment to audit committee communications
If we are going to improve innovation in our organization then an accurate current assessment of our creativity, agility and innovation capacity is essential.
Innovation Audit is an in-depth analysis of different aspects of an organization’s current innovation capabilities, procedures, and processes, examining key indicators, determining strengths and weaknesses.
An innovation audit can help a lot a company to better analyze its current position and decide what future steps to follow to face major market changes like a new and strong competitor in the market, an important market share loss, etc. An innovation audit is an important vehicle for identifying many important strategic gaps due to the broad range of areas it investigates and because of its holistic nature, can help managers to better align the innovation dimension during strategy formulation.
For companies, particularly in competitive sectors and markets, changes occur continuously and in an unpredictable manner. If we take this into account we can conclude that an innovation audit must be done frequently or at least must be reviewed periodically following market changes. It is estimated that a periodic review of the innovation policy every 12 months is enough. However, in knowledge based sectors a more frequent innovation audit might be needed. You should try to balance and compare all the costs incurred during an innovation audit with the possible benefits for the company.
An innovation audit is different from a business audit; the latter is about efficiency and the best use of extant resources whereas an innovation audit can uncover what may not be currently within the firm, and can benchmark against best practice. It can focus on the coordination of skills, new ideas and business resources and endeavors to assess the organization’s competences and capabilities for initiating and undertaking innovation processes.
We undertake an innovation audit by essentially talking to appropriate staff at various levels of our partner companies. We undertake semi–structured interviews that provide us with a snapshot of these interactions and capabilities. We then also where possible observe interactions in team and project practices. These interviews and qualitative research participatory observations are guided by an effort to understand the specificities of innovation in this sector of the creative industries.
The data from these innovation audits will then inform our analysis of innovation practices and processes. We will draw on this data to ground and support our findings in various publications and reports that we will release as outcomes of this program.
Successful innovation requires more than processes. It requires the whole organization to have an innovative ethos. This includes the need to have appropriate HR practices, an appropriate corporate structure, real and demonstrable top management support, and a culture build around innovation.
Innovation audits assist organizations to improve their innovation capabilities. Innovation for growth undertakes a desktop audit based on an on-line survey, with a follow up report. Alternatively, a more detailed audit can be undertaken which uses the on-line surveys as the basis for a more comprehensive review utilizing face-to-face interviews.