To begin with, financial institutions need the right tools to measure progress and success by assigning numerical values to Innovation Scoring factors and processes associated with a given project. By using SOFIA Innovation Scoring, they invite companies and collaborate with them to fill in relevant financial, organizational, strategic, and impact-related data. This is an important step to create the starting point for evaluating and monitoring Innovation. Based on this reference, the user can identify and outline an overview of strengths, opportunities, gaps, or weak areas, through company dashboards and indicators. Ultimately, SOFIA Innovation Scoring can even predict the Innovation score at an early stage with high accuracy.
In addition, tracking progress is an integral part of Innovation Scoring. Hence, SOFIA can provide valuable insights into facts revealed from data and assist in taking meaningful actions. Comparison of Scorecards and thresholds is also integrated to analyze performance over time or shortlist successful projects.
Finally, knowing how to get the most out of investments is similarly a fundamental step in Innovation Scoring. SOFIA allows organizations to identify the Innovation risk level of a company’s Innovation Scorecard. This way, data-driven insights turn into sound decisions that propel innovation forward, enable targeted investment and allow the development of unique financial products or services.