Increased ROI is achievable through the implementation of innovation processes. Good innovation processes harness good ideas and develop them for commercial gain. It is through the development, implementation and commercialisation of products, services and businesses that innovation value is realised and ROI is gained.

1. Increased ROI through new product development
The most critical success factor of any new product development process is a flow of great ideas. The best sources of these ideas are your staff, suppliers, partners and customers. This will ensure that opportunities are market driven and focused on organisational competencies.

2. Increased ROI through new venture creation
Support and buy-in from senior management teams is essential when designing innovation programs. Senior management support is critical throughout the development and implementation phases supporting new venture creation.

3. Cost Reduction through performance improvement
The day to day running and operations of an organisation are known and understood best by the staff and managers within it. Often staff ideas are lost or not harnessed in the right way to be used in reducing cost. The key to cost reduction is a focused innovation charter and a robust mechanism that captures, categorises and evaluates ideas in a non hierarchical system.

4. Increased productivity
Asking people for their ideas helps them find a voice and have a say. It provides a forum for open discussion and debate, for cross functional teams to cross pollinate ideas and find better and smarter ways to innovate. This non- hierarchical environment breads healthy competition, better cultures and improves staff retention and motivation.

The ROI of Innovation Management