Here's how you can identify and evaluate innovative opportunities as an operational planning professional.

2 Internal Analysis

Once you've identified a potential opportunity, turn your attention inward with a thorough internal analysis. Evaluate your organization's strengths, weaknesses, opportunities, and threats (SWOT) in relation to the innovation at hand. Consider whether your company has the resources, skills, and infrastructure to effectively implement the innovation. This step is crucial in determining the feasibility of pursuing the opportunity before making any significant investments.

3 Customer Needs

Understanding customer needs is pivotal when evaluating an innovative opportunity. Conduct surveys, focus groups, or utilize customer feedback platforms to gather insights into what your customers are looking for. This will not only help in tailoring innovations to meet customer demands but also in predicting future trends. Remember, an innovation that doesn't address a real customer need is unlikely to succeed, no matter how groundbreaking it may seem.

4 Risk Assessment

Evaluating the risks associated with an innovative opportunity is a critical step. You should conduct a risk assessment to understand the potential downsides and the likelihood of their occurrence. This includes financial risks, market risks, operational risks, and even reputational risks. By identifying these risks early on, you can develop strategies to mitigate them and make a more informed decision about whether to proceed with the opportunity.

5 Financial Projections

Creating accurate financial projections is essential for any innovative opportunity. This involves estimating the costs associated with development and implementation, as well as forecasting potential revenue. Use a conservative approach to ensure that your projections are realistic. This financial due diligence will help you determine if the innovation is financially viable and aligns with your organization's financial goals.

6 Implementation Plan

Finally, if an innovation passes all previous evaluations, it's time to develop a detailed implementation plan. This should outline the steps required to bring the innovation to market, including timelines, resource allocation, and key milestones. A well-structured plan helps ensure that the innovation is integrated smoothly into existing operations and that everyone involved understands their role in making it a success.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?