fish out the best ideas that solve a business problem
Strategic alignment - how well does the idea support the enterprise's or digital organization's stated strategies?
Customer need - how well does the idea address a known customer need or pain point?
Profitability - if fully deployed, how much does the idea potentially increase enterprise revenue or profitability?
NPS - if fully deployed, how much does the idea potentially improve enterprise net promoter score, strategic discussions and workshops with C-level executives (fortnightly or as needed)?
Internally unique - are there no currently deployed or current development projects similar to the idea?
Externally unique - are there existing competitors?
Technology fitment - does the idea extend the company's knowledge of new technologies or methodologies?
Deployability - how practical is it to fully deploy the idea? Consider scalability, investment, regulation and organizational impact.
Functional feasibility: is the idea sitting well with the rest of your business functions and creating synergies? Or is it a standalone solution?
Technological feasibility: would your tech stack or architecture support this new idea?
Scalability: will the idea proposed scale across the targeted end-users?
Fig.2 Factors affecting deployability of an idea
Functional feasibility: knowing if the idea is functionally viable determines if the solution makes business sense. If the idea actually adds functional value to the customer beyond solving a customer problem, it points to the potential success of the idea. For example, adding physical bluetooth beacons inside the store helps retailers better understand where customers are within the store. This information is then used to provide location based content, promotions and product information. But if your core customers are from a demographic who do not use mobiles while shopping in store – blue tooth beacons have no practical value to the retailer.
Technological feasibility: checking technological feasibility helps determine if the underlying technology driving the idea is mature enough for adoption. For example, the idea of supply chain route optimization (traveling salespersons) leveraging quantum computing can save millions in freight cost on paper; but quantum computing is currently very limited in its availability and thus is not technologically viable until the technology matures.
Scalability: highly scalable ideas acquire new customers or increase service revenue without having to rebuild the solution. Most software-only solutions are scalable while ideas that involves a process change or additional hardware are difficult to scale.
Innovation requires rigor, extreme agility and the ability to quickly fail and learn. The innovation framework helps companies keep existing products top-notch by sustaining innovation and hunting for the next billion dollar opportunity guided by strategic interest to realize the org vision. Companies that focus on their next best idea will emerge as market leaders by consistently using disruptive innovation to kill their own products and make better ones. Build your own innovation framework to achieve success in your digitally disruptive journey.
Disclaimer: The statements and opinions expressed in this article are those of the author(s) and do not necessarily reflect the positions of Thoughtworks.