ISO/NP 56013

Innovation management — Innovation Portfolio Management — Guidance

Scope

The proposed ISO standard for Innovation Portfolio Management aims to provide a comprehensive framework that enables organizations to strategically manage their portfolio of innovation activities to enhance competitiveness and effectiveness. This standard will facilitate the alignment of innovation portfolios with the organization's overarching strategy and operational goals, ensuring that innovation efforts contribute meaningfully to the organization's sustainable growth and evolution.

The standard will cover:
• The establishment of a structured approach to managing innovation portfolios, ensuring a balanced mix of incremental, breakthrough, radical and other innovations aligned with the organization's strategic objectives.
• Guidelines for the selection and prioritization of innovation initiatives, ensuring they are in sync with market needs and organizational, partner, and/or ecosystem capabilities.
• Methods for monitoring and evaluating the performance of innovation activities within the portfolio, including the use of both quantitative and qualitative metrics to assess progress and impact.
• Strategies for resource allocation and risk management within the innovation portfolio, ensuring that investment decisions are data-driven and aligned with strategic priorities.
• Integration of IPM practices with other ISO 56000 family standards, particularly the ISO56002 Innovation Management System, to create a cohesive and comprehensive innovation management framework.
The standard will draw upon best practices in innovation portfolio management, guiding organizations across various sectors and sizes. By adopting this standard, organizations can ensure that their innovation activities are strategically managed and contribute to their long-term success and resilience.