Use Case
Based on a clear innovation strategy with vision and goals, assignments for the innovation lab should be developed.
The Company
Our client is a top insurer from Germany.
The Initial Situation
The young innovation lab faces the challenge of managing multifaceted assignments while resources for developing disruptive innovations are limited. To prioritize the execution of innovation projects according to the lab’s goals in the future, a performance tracking system should be established. A central difficulty is determining how to measure the success of innovations and implementing this in a way that is as automated and resource-efficient as possible.
The Approach
- Development of Specific Assignments and Metrics: Based on a clear innovation strategy with vision and goals, specific assignments for the innovation lab are developed. Suitable metrics are identified in interactive brainstorming sessions to measure these assignments.
- Analysis and Evaluation of Metrics: Using the 4C KPI profiles, the identified metrics are analyzed, and actual vs. target values are assessed, considering control objectives, data collection, and implementation priorities.
- Creation of Regular Reporting: The key metrics serve as the basis for developing a regular reporting system, with the format and frequency determined collaboratively. This follows a thorough analysis of the company strategy and the derived goals.
- Development of Custom Control Metrics: The clearly identified and described value added forms the basis for developing custom control metrics. 4C contributes a wide range of commonly used metrics, which are supplemented through workshop formats.
- Definition of Control Objectives and Metrics: A key point is the formulation of control objectives, the specific composition of metrics (e.g., innovation development time), and the assessment of target values. High and conservative target values are carefully balanced to optimize performance readiness.
- Visualization and Roadmap Development: Visualization is crucial for creating automated reports. By evaluating the metrics in terms of data collection effort and relevance, the introduction and implementation are structured, and a roadmap is developed to efficiently implement relevant metrics.
4C Use Case Innovation Performance Tracking
Based on a clear innovation strategy with vision and goals, assignments for the innovation lab should be developed.
Your Benefits
Through the structured approach and comprehensive support from 4C, the client can quickly start implementing performance tracking. This ensures that continuous development and improvement of the innovation process are maintained. The client benefits from 4C’s extensive experience in developing and implementing effective control metrics as well as creating automated reports, which contributes to efficient and targeted innovation development.
