An Adapted Valuation Model for Innovation! Innovation in IT Consultancy Services.
Working in the IT Consultancy Services Industry for a bit over 20 years, innovation projects have been a major part of my job. Innovation is my passion but I often see innovation projects being approached as an art-form and not as a science. This is often due to limitations of traditional project management techniques and project valuation methods.
The drive to create a new innovation valuation model was triggered by three key questions:
Innovation is important but can it be managed?
Is innovation radically different compared to existing business processes?
Does innovation require special management techniques?
During the research I first defined what innovation is, next I defined a new innovation process model and finally I created a quantification model to put a value on innovation projects.
The innovation process model is based on 5 dimensions and 4 diamonds.