Module 7: Innovation Finance & Metrics
Why should you use this method?
- To have a convincing argument about your innovation challenge to the management
- To measure and compare the value of projects
What is Project Scoring?
The project scoring tool is an example of how innovation projects can be captured and measured on both the short-term output, the deliverables, as well as the project’s long-term business value.
This tool can be used to sell the project internally to the management because it captures the two essential elements – strategic value and financial value. Actual numbers or supporting arguments for each of the categories can help during a pitch meeting.
How can you apply this method?
1. Download the template
2. Fill in the Project deliverables
Fill in the project deliverables with the required time, scope, and cost of the project.
3. Fill in the Strategic values
Fill in the strategic business values for the project like the competitive position, new business opportunities, and image and reputation.
4. Fill in the Financial values
Fill in the financial business values for the project like ROI, benefit/cost ratio and payback period, or any other relevant values.
5. Score each value and deliverable
Provide a score for each of the fields to indicate the importance of the metric.
6. Evaluate the points
Use the metrics to frame the argument to pitch to the management.
Pen, Paper/ Table template