Audax Innovation / Interventions
03 · Portfolio Management
Implement Innovation Portfolio Management
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This intervention aims to implement the innovation strategy by preparing the project proposals, implementing portfolio management practices and leading a first portfolio management meeting. This will allow the organization to identify and select the best innovation projects as well as ensure a good balance among short and long term opportunities. Then, the resource allocation will determine the effort intensity to be spent on each selected project.
Objectives
- Transfer knowledge on portfolio management.
- Implement portfolio management best practices.
- Select the best innovation projects.
- Have a balanced innovation portfolio.
- Have resources allocated for each project.
- Strengthen management by innovation program.
Deliverables
- A portfolio management meeting linked to the innovation strategy and cycle.
- A governance structure and selection criteria for portfolio management.
- A selected project list with an assigned team leader for each project.
- An assessment of the innovation capacity.
- A summary report of all the steps listed.
- A toolbox valued at $5,500.
Intervention Methodology
The available innovation capacity — in dollars, in hours or in full-time equivalents — is allocated across the innovation programs, then sequenced into projects. The portfolio review sets the budget limit for the coming year and assigns resources to the selected projects.
From resources to projects: allocating innovation capacity by program, up to the budget limit for the year.
Detailed Intervention Description
Three phases over 12 weeks. Expand each phase to see its activities, schedule and budget.
Phase 1 — Planning and Preparation (Weeks 1–4)
Planning — Weeks 1–2
- Link the innovation strategy with the portfolio management processes
- Identify the annual innovation cycle
- Plan the portfolio management agenda and methodology
- Validate the portfolio management agenda and methodology
Preparation — Weeks 3–4
- Identify tools and selection criteria for portfolio management
- Prepare the material for the training session on portfolio management
- Hold a training session on portfolio management practices and tools
- Confirm the unit of measure for innovation capacity (dollars, hours, FTEs or effort units)
Phase Subtotal$3,750
Phase 2 — Implementing Portfolio Management (Weeks 5–9)
Identifying a Governance Structure — Week 5
- Identify the team members who will take part in the portfolio review
- Propose a governance structure for portfolio management
- Present and get approval on the governance structure
Preparing Portfolio Management — Weeks 6–9
- Prioritize and sequence the project opportunities for each innovation program
- Support the team in quantifying the resources required for project opportunities in the short and mid terms
- Follow up on the evaluation of the sales potential, the level of confidence and the margins of the selected business opportunities
- Hold five support web calls to define the project proposals for the portfolio review
- Support the team in quantifying the innovation capacity
Phase Subtotal$5,000
Phase 3 — Portfolio Management Review (Weeks 10–12)
Leading a Portfolio Management Review — Weeks 10–11
- Prepare the portfolio facilitation materials
- Facilitate the portfolio management meeting
- Select the best projects and opportunities
- Allocate resources for each selected project
Consolidation and Follow-Up — Week 12
- Prepare the portfolio summary
- Hold a web call to close the portfolio phase
Phase Subtotal$6,250
Included in the Intervention
Supporting Consultant and Graphic Designer Included
This intervention brings in a complete team at no additional cost.
A Toolbox Valued at $5,500
The tools used during the intervention stay with your organization.
Skills Transfer
Knowledge on portfolio management is transferred to your team.
Total Budget
$15,000
Workshops are held at your organization’s offices. Depending on your location, travel and accommodation expenses may be added to the budget.
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