Innovation Audit Definition

An innovation audit is a comprehensive evaluation of an organization’s ability to innovate. It assesses an organization’s current state of innovation, identifies areas in need of improvement, and provides recommendations for how to increase innovation capacity.

The goal of an innovation audit is to help organizations foster a culture of innovation and continuously improve their innovation processes. An effective innovation audit will consider all aspects of the organization, from strategy and leadership to structure and operations. By taking a holistic approach, the audit can provide insights into how different parts of the organization work together (or don’t) to support innovation.

Innovation audits can be conducted internally by organizational leaders or externally by independent consultants. They typically involve interviews with members of the organization, analysis of data and documents, and observations of day-to-day operations. The findings of an innovation audit are typically presented in a report that includes executive summary, methodology, findings, and recommendations.