ISO for Innovation
Management, ISO 50501 is an ambitious new
standard for ISO to take on considering the often ambiguous nature of
innovation metrics and lack of a consensus definition of what innovation even
means. Organizations by design need
standard operating procedures (SOP) to build reliable systems. But when it
comes to managing innovation, a vital activity that is necessary for the firm’s
survival and long term success, there is no SOP to guide them on how to launch,
manage, track, measure and learn from their investments in innovation. Bringing
a disciplined method and process to innovation management is a must. This ISO
initiative is welcome news considering so many companies are operating with
their back against the wall and can use any help they can get to better
structure their innovation activities.ISO for Innovation Management, ISO 50501,
scope has been defined as: “Standardization of terminology tools and methods
and interactions between relevant parties to enable innovationâ€. he purpose is to provide guidance on how an organization
could build and what needs to be addressed to build an innovation management system
without detailing the specific system itself. The standards produced by this TC
(Technical Committee) are intended to be applicable to all kinds of
organizations (private, public and NGOs) of any size, with a special focus on
SMEs, and for all kinds of innovation (products, methods, services, processes,
organizational, and business models new or improved). Due to the general
approach, a wide range of stakeholders are affected by these futures standards:
Industry and commerce;
especially SMEs; including service, industries, private investment bodies,
venture capitalists and advisors, innovation management consulting companies,
transfer and valuation agencies
Governments, including
public investment bodies
Academic and research bodies
Non-governmental organizations
ISO for Innovation
Management, ISI 50501, will pave the way for organizations to create a system
of record for innovation that empower them to innovate more consistently and
experiment cost effectively. Building innovation management as a core competency
requires a careful analysis of the company’s capabilities in the five following
key areas:
Strategy: Alignment with
objectives
Culture: Innovation role in
Daily Work
Process: Evaluate
repeatability of success
Tools & Techniques:
Driving best practices
Metrics: KPIs measured and
tracked
Creating a single source of
truth for innovation is possible and you can take the innovation management
maturity test to gauge your organizational readiness to achieve this objective.
As with other ISO standards, companies will
quickly realize that to create a sustainable system will require the right
solution that simplifies and automates (as much as possible) the
administration, tracking, management and reporting that is required to abide by
the ISO standard.ISO 50501 to ensure our customers can easily adopt all or
partial elements of this standard to streamline and automate their innovation
management system.
User questions & answers