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Value
is defined as the “Sum total of future benefits to be realized.”
This definition means that value has to be created by changing
the existing standard of care/practice or creating new value based
on greater or keener insight or awareness of customer needs and
wants. As
such, innovation is the process that creates, shapes, and responds
to market demand based on the value capacity that resides in a
market at each point in time. Innovation is anything that changes
the value mix of these basic components! Our approach to measuring
the value of an innovation includes five major components: Natural
Resources, Labor, Technology, Process and Information. Our Innovation
Scorecard permits the analyst to assess the existing state of
the art by each of these components in order to determine how
a particular innovation will impact them. Our Innovation Self
Assessment promotes innovative thinking, collaboration and learning
from successful role models. |
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