Setting the right evaluation criteria is critical to building the capability for efficient decision making in the innovation journey. Too often, companies struggle in defining what is important to them and why. Therefore, prioritization becomes cumbersome and exhausting.
In the Decisions tool, we've tried to make it easy for you to determine exactly what makes an opportunity/project/idea attractive and what gives you confidence that you can execute.
Here are some examples of criteria on each dimension (Attractiveness and Ability to Execute):
- Market Size: How big is the overall addressable market?
- Market Growth: Is the addressable market growing at an acceptable rate?
- Value Creation: how much revenue and/or savings from efficiency does this opportunity create?
- Defensible Value Proposition: how strong and differentiated is the value proposition to customers (internal or external)?
- Competitive Intensity: how busy is this market with competitors and how strong is their product/offering compared to this one?
- Speed to Market: how fast can we deliver a commercial (or implemented) solution?
- Strategic Alignment: how well does this opportunity align with our strategy?
Ability to Execute
- Channel Access: do we have access to channels we’d need for distribution and/or implementation?
- Brand Permission: will customers/stakeholders accept this solution coming from our group/brand?
- Fit with Capabilities: do we have the people (talent) and resources to pull this off?
- Ease of Execution: how confident are we that we have in all the elements needed to ensure successful execution?
- Resource Intensity: what is the relative feasibility of investing the resources (people, money, etc.) to achieve success?
- Technology Readiness: how developed is the technology/offering for commercial or internal use?