BSBSTR801 - Lead innovative thinking and practice

INNOVATION MONITORING REPORT

Learner Name

Workplace/Organisation Bounce Fitness

State/Territory QLD

Date Prepared 10/3/23

Innovation Monitoring Report Version 1.0 Produced 20 December 2021

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Organisational Objectives for Improving Innovation Performance Actual Innovation Performance

1. Develop new customer-driven products from the top ten customers that will Enhance current product lines by improving different aspects of the product by
increase net margins by 5% every year. the end of the quarter

2. Top customers rate us as most innovative in markets and categories we Implement at least two innovation projects within the month
serve

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Innovation Monitoring Report Version 1.0 Produced 20 December 2021

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Strategies for Improving Innovation Performance

1. Determine objectives and strategic approach to innovation

The first step in the strategy choice cascade is to define your winning aspiration. In other words, your innovation objectives and the why behind your innovation
strategy. As any other strategy, the planning process of your innovation strategy starts with defining your objectives: What do you want to achieve with
innovation?

2. Know Your Market: Customers and Competitors

The second step in the strategy choice cascade is defining the right playing field, as in, the market you’re operating in and the customer segment you’re offering
value for. To be able to innovate and to respond to your customers’ needs, you should listen and understand what your customers really want and remove the
rest. To be able to do that, knowing what happens in the market is essential.

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Innovation Monitoring Report Version 1.0 Produced 20 December 2021

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 Monitoring Occasion 2

Organisational Objectives for Improving Innovation Performance Actual Innovation Performance

1. Becoming a market leader Increase the product pipeline from x to y, to grow the top line by 5% better than
your sector's GDP.

2. Optimising existing processes Achieve 25% of the top line from new services created within the past 24
months.

Achieve a customer satisfaction index (CSAT) (or some other best practices
method such as net promoter score (NPS) score of 6.0 out of 7.0 (85% or better).

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END OF INNOVATION MONITORING REPORT

Innovation Monitoring Report Version 1.0 Produced 20 December 2021

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