Question

What are the elements of an innovation strategy audit?

How can targets in the audit be used to identify opportunities?

How might the learning in this article be applied to HULU, GROUPON OR REDBULL

Answer 1

Audit is the process of independent and systematic way to inspect the company’s Accounting records, security controls, or company as a whole or part etc.

The elements of an innovation strategy audit are as follows:

1. Capabilities
2. Key Performing Indicators
3. Processes and procedures
4. Strengths and weaknesses.

The targets in the audit pays an important role. The target is specific job to be selected and analyzed or inspected so as to get to know the overall level of performance of the job. Target specifies the particular area of focus. The focus is the origin of the inspection. So, this segregates the areas of the selected job. Because of this, when the audit has been performed the targeted small areas has been finely audited so that there won’t be any mistake done. Opportunity comes when the process is free from error and able to adapt the situation.

The learning would be applying to the HULU, Grroupon or REDBULL is that these companies have the competitive and innovative strategy. They are the popular brand in the USA but they need the auditing procedure to be innovative, The innovative auditing simplify the weaknesses and threat of the system.

Although their product is more popular among    the customers but their stability didn’t maintain with the customer. This shows that the audit also have the significantly benefits to the company in their innovation.