Undertake a critical review of Innovation Maturity Models. Do this by undertaking the following:
1. Define what innovation maturity models are and provide an overview of the aim and purpose of these maturity models
2. From a comprehensive literature review, identify at least three different Innovation Maturity Models
3. Provide an overview and description of each model
4. Evaluate the models by comparing and contrasting the strengths and weaknesses of the three models.
5. Identify which model you would use if you have to assess the innovation maturity for a large organisation and explain why you chose this particular model.
The success of every company is based on the organization’s ability to combine new ideas and convert them into products and services. Innovation refers to the process of transforming an idea into a good or service that customers are willing to purchase (Becker, Knackstedt & Pöppelbuß 2009). The innovation maturity model defines a pool of standards, innovation procedures, reference booklets, and tools that build invention capability (Paulus & Yang 2000). It helps to create a customized innovation management scheme and improves the current management practices. This report gives a comprehensive review of innovation maturity models. It focuses on the different types of innovation models, analyzes their description, and compares the models by highlighting their pros and cons. The report gives a recommendation for the kind of model that is most suitable. The review can be used by organizations that wish to implement any of the discussed models into their work setting.
The Need for Innovation Maturity Models
In today’s global market, product innovation is a stepping stone towards maintaining competitiveness. To change an organization and make it more creative, we need to know the current state of the institution and acknowledge the future goals and objectives of the firm. A plan is required to achieve these aims. Boosting innovations help corporations generate higher revenues, reduce production cost, as well as moderate risks. Innovative maturity models help managers figure out how they are going to fulfill the organization’s goals (Bharadwaj & Menon 2000). They offer a quantitative assessment of the management practices and discover what needs to be changed to enhance innovation. The use of innovation maturity models makes the evaluation of capacity, knowledge, and skills accessible (Lockamy & McCormack 2004). These schemes involve management standards (Damanpour & Wischnevsky 2006). The models apply to a wide variety of organizations worldwide. Innovation maturity models not only manage the creation of new processes but also follow up with the actual formation of the products and services. The presence of several innovation models is proof that the invention benefits are not only limited to new product growth.
Types of Innovation Maturity Models
The Capability Maturity Model (CMM) CMM is a process improvement approach. In the mid-1980s, Software Engineering Institute manufactured the CMM. CMM is a structured collection of practices describing the characteristics of operational methods (Debreceny 2006). The methods described have been tested and proven to be efficient…