Austin, Texas – October 24, 2013 – Planview® has created the Innovation Management Maturity Model™ to help product development organizations assess and advance their maturity levels in pursuit of improved productivity, time to market, and commercial success. Encompassing the full product lifecycle from idea to launch to end of life, this comprehensive model includes the three elements that are crucial to an effective innovation program: people, process, and tools.
“What hinders most innovation programs is the lack of an innovation management framework in the areas of people, processes, and tools,” said Carrie Nauyalis, new product development solution evangelist at Planview. “With the Innovation Management Maturity Model, Planview is putting some substance around the hype of innovation to help product groups assess where they are today, decide where they want to go, and develop a strategy and tactics for how to get there.”
Based on a Capability Maturity Model Integration (CMMI) framework developed by Carnegie Mellon University, the Innovation Management Maturity Model lets organizations rank themselves on the strength of their innovation program overall and in the categories of people, processes, and tools across five levels of maturity. Level 1 represents the lowest level of maturity while Level 5 is the highest, where innovation is operationalized and embedded in the company culture, with a supporting organization, well-defined processes, and formalized tools. The model is prescriptive, enabling companies to compare their innovation programs to the characteristics and best practices of other organizations.
More than 700 product development professionals evaluated their innovation management maturity using this model in the upcoming Fourth Product Portfolio Management Benchmark Study (conducted by Appleseed Partners and Open Sky Research and commissioned by Planview). The preliminary results show that very few organizations are at the Level 5 stage of maturity. The majority of organizations – including many large, global entities – ranked their innovation management maturity between Level 2 and Level 3. Yet the majority of respondents indicated they want to achieve a Level 4 or 5.
The benchmark research also found that in many companies the product development organization has different opinions about their level of maturity than their executives. The Innovation Management Maturity Model provides a tangible way to gain agreement across the organization of the current maturity ranking, what the desired end state level of maturity should be, and where investment and focus needs to be directed. The model is an effective approach to define goals and measure progress in a more uniform and objective manner.
For more information about the Innovation Management Maturity Model, download the new white paper titled, A New Framework for Assessing Your Innovation Program: Introducing the Innovation Management Maturity Model™, or visit the Innovation Management Maturity Model page where organizations can rank the maturity of their innovation program using an interactive, online widget. Next month, Planview will release the findings of the Fourth Product Portfolio Management Benchmark Study. To request a copy of the latest benchmark study, please email Email ProductPPM@Planview.com to request a copy of the Fourth Product Portfolio Management Benchmark Study.