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Since the dawn of time, the need to deal with and make sense of complex situations has pushed humankind to build various frameworks - that grew in intricacy as the things they were designed for, became more complex. Mathematics, meteorology, anatomy, astrology, and physics are some of the frameworks to tackle world problems and make sense of them.
The corporate world is no different. Its complex environment has driven many scholars and practitioners to redefine and realign business frameworks that not only make sense but also enhance the decision-making process.
Our managers know it well and so does Wall Street: A successful year for a business depends on its ability to innovate and bring something new to the table. It requires a far-sighted approach, innovative solutions, and creative outlook to strive for excellence, rather than a simple, linear approach. Innovation is thus the key to survive the perils of a volatile business environment. And organizations that proactively seek innovative frameworks and use them as a tool, will not only flourish but also emerge as top leaders in the toughest of economic conditions!
One such tool developed to help organizations optimize their portfolio is the Innovation Matrix or better known as the Innovation Ambition Matrix.
Inside the Innovation Matrix
In the present-day business world, many organizations struggle with capitalizing on their innovative ideas and managing their creative portfolios. They are also worried about the management of their intellectual properties, commercializing a strategic approach, and creating an ecosystem that helps them in simplifying and solving the various challenges, among other things.
An innovation matrix is a widely used tool that helps in simplifying management and strategy. It urges the managers and entrepreneurs owning any size of the business — small-to-medium, startup, corporation, institute, or social infrastructure — to opt for various design thinking tools to manage their innovative procedures.
Using three key steps: THINK, STRATEGIZE and ACT, you can develop a strategic approach that complements innovation, management, customization, and creation of legal documents. Yes, everything with a single tool - INNOVATION MATRIX!
Why do we love Innovation Matrix?
Here are 5 reasons that call for extensive use of the innovation matrix to transform a business vertical. Let us explore them in detail.
Improve the innovation model
The biggest and most profound feature of this matrix is that it helps in evaluating and improving the innovation model of the organization. It also aids in tracking the firm’s performance based on various creative parameters. This increases the productivity of the organization, thus helping it to make a big conceptual jump.
Lean and agile methodologies
Every business suffers from downfall at some point or the other. But the most important thing is how it recovers and moves forward strategically, discovering new and better markets. This slow shifting towards lean and agile methodologies by the way of an innovation matrix encourages increased value and customer satisfaction.
Meeting unforeseen challenges
Being innovative means being highly competent, which is what an innovation matrix is all about. It helps you in thinking rationally at critical levels, especially at unprecedented times. The innovation matrix tool helps in transforming external crises into creative solutions that are cherished by every team or staff member.
Replacing complexity with simplicity
One of the main things that innovation guarantees is developing an understanding to solve challenges in creative ways. With an urgent passionate purpose to solve problems and improve the quality of life, an innovation matrix is the best strategic tool one can deploy.
Adapting well to dynamic environments
Lately, millennials are constantly swapping jobs. Similarly, the recruitment process is also undergoing rapid transformation, relying more on online sources. Freelancing and contracting are becoming a way of life, with more work-from-home opportunities and projects. These are some of the factors that have forced companies to opt for more innovative strategies to empower, retain and recruit the best resources. An innovation matrix helps in creating an innovation plan with highly-integrated initiatives that have a positive impact on the functioning of the organization.
Since an innovation matrix helps in improving the innovative performance of an organization, let us explore a few prefabricated models designed by experts. These templates meet all the key benchmarks of innovation, so select the ones that fit your organization.
Best Innovation Matrix Templates to Download and Deploy
You can use this template to create and share a well-balanced innovation matrix, highlighting the 3 degrees of innovation, namely radical, substantial, and incremental. This is a complete bundle with 12 slides, each having a different innovation matrix. Therefore, it covers different sets of diagrams and presents them in a single layout. Therefore, download it now!
You can use this template to visualize various dimensions of creating a new product portfolio or a service. With various variables presented in a color-coded format, you can use this template to determine which category of innovative procedures you can tap into and what changes are needed. This template is available for immediate download, after which you can make as many adjustments in the format as you like.
Unlike most traditional innovation matrix designs, this is an online template that your team can use to begin the work instantly. It comes in a user-friendly layout, thus you can edit all its design elements and make it more personalized. Use this creative slide to track your innovation process with ease and precision.
You can use this innovation matrix template to manage your portfolios. This diagram provides an inclusive view of the innovative performance, vision, and goals of the organization. The creative team members can also use it for calibration and creating a balance between different levels. Yes, everything with this single layout!
This template is created to support various innovation management strategies formulated by an organization. It is a standard model that you can use to identify different layers of transformation. Use this lucid format as an illustration tool in your business presentations.
You can use this template to evaluate and identify various innovative projects. It is a great tool for project managers, who are looking to share their views on innovation criteria as it puts forth various variables in a single layout. The biggest feature of this template is that it is well-suited to any kind of presentation. You can adjust its layout as per your needs and requirements. Therefore, download it now!
This template is helpful for any individual or a team handling innovative projects. Not only this, but it is also a useful set for brand developers, marketing heads, CEO, junior executives, and others, owing to its adaptability and versatility. You can adjust the entire layout as per your needs and requirements. Therefore, grab it now!
This is another innovation matrix layout that product managers can use to improve upon their current project and prioritize activities. It is a single layout that allows you to put in every detail and content that you like. You can also adjust any component of this design as per your liking and field of interest.
You can use this tool to identify various variables of a project and product. This is a very versatile design that matches every presentation style. The template is also fully editable, so you will face no difficulty in including this diagram in your business presentations.
This is another innovation matrix layout that you can use to build an innovative product strategy. It highlights various variables with professional colors. However, you can switch the colors, content, font, or any other element to make the design more appealing. This also adds a personal touch to the layout. Therefore, without any further ado, click on the download link now!
Most innovations don’t survive because of a lack of a formalized procedure to evaluate them. This is especially true when both the internal and external teams work together. These are our best templates to help you lead breakthrough innovation in your corporation. With this small tool of change, various impactful decisions can be taken and the ideas stuck in the pipeline can be put to efficient use.
Because remember as Thomas Edison has said, “The value of an idea lies in the using of it.”