Unlocking Success in Innovation Project Management: Required Skills for the Modern Era
In today’s fast-paced business landscape, innovation is the key to staying ahead of the competition. Companies that fail to innovate risk being left behind, while those that succeed in innovating can reap significant rewards. However, innovation is not just about having a great idea – it’s also about executing that idea effectively. This is where innovation project management comes in.
Effective innovation project management requires a unique set of skills that combine traditional project management expertise with the ability to navigate the uncertainty and complexity of innovative projects. In this blog post, we’ll explore the required skills for success in innovation project management.
According to a study by the Project Management Institute (PMI), companies that prioritize innovation are twice as likely to experience revenue growth and three times as likely to experience profit growth. (1) However, the same study found that only 22% of companies believe they are effective at managing innovation. This suggests that there is a significant gap between the desire to innovate and the ability to execute innovative projects effectively.
Leadership Skills for Innovation Project Management
One of the most critical skills for innovation project management is leadership. Effective leaders must be able to inspire and motivate their teams, while also making tough decisions and navigating uncertainty. This requires a combination of emotional intelligence, strategic thinking, and the ability to empower others.
Innovation project leaders must also be able to manage complexity, ambiguity, and risk. According to a study by McKinsey, companies that are effective at managing innovation are also effective at managing these types of complexities. (2) This suggests that innovation project leaders must have a high degree of situational awareness, as well as the ability to adapt to changing circumstances.
Collaboration and Teamwork Skills
Innovation project management is a team sport – no single individual can drive innovation alone. Effective teams must be able to collaborate, share knowledge, and build on each other’s ideas. This requires a high degree of emotional intelligence, as well as the ability to communicate effectively.
According to a study by Stanford University, teams that are diverse and inclusive are more likely to be innovative. (3) This suggests that innovation project leaders must prioritize building diverse teams, as well as creating an inclusive culture that encourages collaboration and creativity.
Adaptability and Agility Skills
Innovation projects are inherently uncertain – things don’t always go according to plan. Effective innovation project managers must be able to adapt to changing circumstances, while also maintaining a clear vision and direction.
According to a study by Agile, companies that prioritize agility are more likely to experience revenue growth and profit growth. (4) This suggests that innovation project managers must be able to pivot quickly in response to changing circumstances, while also maintaining a clear focus on the project’s goals and objectives.
Communication and Storytelling Skills
Finally, effective innovation project managers must be able to communicate the project’s vision and goals to a wide range of stakeholders, including team members, sponsors, and customers. This requires a combination of storytelling skill, as well as the ability to communicate complex ideas in simple terms.
According to a study by Harvard Business Review, companies that are effective at storytelling are more likely to experience revenue growth and profit growth. (5) This suggests that innovation project managers must prioritize developing a clear and compelling narrative that resonates with stakeholders.
Conclusion
Innovation project management requires a unique set of skills that combine traditional project management expertise with the ability to navigate the uncertainty and complexity of innovative projects. By developing leadership, collaboration and teamwork, adaptability and agility, and communication and storytelling skills, innovation project managers can unlock success in this critical domain.
We’d love to hear from you – what skills do you think are most critical for success in innovation project management? Leave a comment below and let’s start the conversation!
References:
(1) Project Management Institute. (2020). Pulse of the Profession: Innovation Insights.
(2) McKinsey & Company. (2019). Managing innovation: A McKinsey Global Survey.
(3) Stanford University. (2019). How Diverse Leadership Teams Boost Innovation.
(4) Agile. (2020). Agile in the Enterprise: A Guide to Adoption and Success.
(5) Harvard Business Review. (2019). The Storytelling Animal: Why We Tell Stories.