What is it?
The ITONICS Innovation OS provides a centralized platform to manage the connection between your innovation strategy and your project portfolio. We help you ensure strategic alignment, prioritize projects, consolidate duplicate efforts, allocate resources, monitor progress, and collaborate with stakeholders. Optimize your innovation portfolio for maximum business impact!
- Benefits of using ITONICS for portfolio management
- What to consider before you set up your portfolio on ITONICS
- Steps to set up your innovation portfolio on the system
- Monitoring your portfolio
Benefits of using ITONICS for portfolio management:
- Connect strategy and execution: Relate strategy themes with innovation projects. Prioritize investments based on their strategic alignment by using ratings and matrix visualizations. Review and exploit existing initiatives against your strategic priorities, identify future growth areas, and assess their viability in terms of expected returns and risks.
- Turn decisions into action: Executing your innovation strategy means ensuring sufficient resource allocation to each program and coordinating efforts across the firm. Use the ITONICS budget planner, Kanban Board, and Roadmap to identify and maximize synergies.
- Facilitate continuous monitoring and reporting: Keep track of progress and results with Dashboards—aggregate KPIs to assess your innovation portfolio in one glance and make adjustments as needed.
- Establish your single point of truth: Break organizational silos and streamline workflows between innovation teams. Centralize your innovation intelligence and initiatives within one digital platform.
What to consider before you set up your portfolio on ITONICS
Your innovation portfolio should align with your overall innovation strategy. Before setting up your portfolio, it is important to clearly understand your innovation goals and objectives and how each project in your portfolio will contribute to these goals.
Then, consider how your system will need to be configured to reflect your innovation process. This includes the stages of your innovation process, the roles and responsibilities of team members at each stage, and the criteria for moving projects from one stage to the next.
Before setting up your portfolio on innovation management software, you should identify the key metrics and KPIs you will use to measure the success of your innovation projects. These metrics should be aligned with your overall innovation goals and tracked consistently across all projects in your portfolio.
Ensure your team is trained on how to use ITONICS and ready to use the software effectively.
Steps to set up your innovation portfolio on the system
1. Add existing project and program information.
You can import existing information into your system and continuously add new data to collect all information in one central place. Add your projects or assets, define their characteristics, and categorize them using entity types, tags, and relations. Enrich each piece of content with descriptions, project time frames, KPIs, budget information, and references to provide context and support cross-collaboration.
2. Know what to focus on
Use ratings to evaluate projects and programs to identify which projects are essential to prioritize. Visualize your initiatives on a Kanban Board to get an instant view of how many initiatives are in, for example, a particular goal category, in a specific phase of development, and which initiatives you have across different horizons.
To streamline and standardize your project portfolio, you can design a workflow that suits your organization and aligns all involved stakeholders. You can define the configuration of the workflow steps or apply some of our best-practice templates to kickstart your process. Workflow dependencies can be configured to ensure that workflows adhere to your company's requirements at each stage of the process.
3. Allocate resources
Once teams, experts, and stakeholders have rated your initiatives, you can easily visualize them, for instance on a radar, to identify which ones require resources such as budget, personnel, and equipment for projects in your portfolio.
4. Monitor internal and external environments
You can track and adjust according to changes by continuously monitoring developments internally and externally. Use the ITONICS Kanban Boards and Roadmap to help you steer initiatives from concept to implementation.
5. Analyze performance
Use ITONICS dashboards to evaluate the performance of individual projects and the portfolio as a whole. This can help you identify areas for improvement and optimize resource allocation. ITONICS Dashboard is a visualization tool that consolidates the generated input of your project portfolio graphically for quick reading, comparison, and analysis. While it can be configured and used in various ways, its primary intention is to provide information at a glance.
Monitoring your portfolio
Continuously assess your innovation portfolios to ensure alignment with evolving external drivers and signals of change.One way to do this is by creating a radar for different drivers of change, populated with existing or anticipated developments relevant to your business environment. By connecting these drivers of change to the different initiatives in your innovation portfolio and plotting them together on a roadmap, you can more easily extrapolate the potential impact of each development and adapt your portfolio accordingly.
Set up regular review meetings to analyze your innovation portfolio. This will help you identify which initiatives are performing well, which are struggling, and which should be terminated or redirected. Communicate progress to key organizational stakeholders, including senior management and investors.