The International Organization for Standardization (ISO) Technical Committee (TC) 279, responsible for innovation management standards, has initiated the development of a new standard: ISO 56013, Innovation Portfolio Management. As the U.S. member body to ISO, ANSI encourages U.S. stakeholders to get involved in the U.S. Technical Advisory Group (TAG) to TC 279.
The new standard seeks to provide organizations of all sizes and sectors with clear guidelines for Innovation Portfolio Management (IPM), assuring strategic alignment, optimized resource use, and proactive risk management.
Addressing Critical Business Challenges with Innovation Portfolio Management
Businesses are facing unprecedented market volatility, economic uncertainty, and accelerating technological change. IPM can serve as a valuable approach for organizations navigating dynamic and uncertain markets, helping them actively manage their innovation investments while tracking market trends, economic shifts, political changes, and other external factors that influence innovation strategy.
“Proper Innovation Portfolio Management is essential for any organization looking to effectively extract maximum value from innovation initiatives and achieve or maintain sustainable growth,” said Harlan Bennett, CEO of Ever Evolving Inc. and project leader, ISO 56013.
ISO 56013 aims to address these challenges by offering structured methods in three areas:
IPM offers a structured approach that may help organizations build strategic foresight and operational flexibility, enabling them to manage current demands while positioning for emerging opportunities and long-term growth. “This standard will empower organizations to systematically make informed, strategic, and tactical decisions about innovative investments; effectively manage variability; identify initiatives to be added or removed from the portfolio; and foster a culture where efforts can thrive in spite of rapid change,” Bennett added.
Advancing Strategic Benefits for U.S. Organizations
The development of this standard aligns with ongoing initiatives to strengthen the competitiveness of U.S. organizations through globally recognized best practices.
“Through our participation in the development of ISO 56013 we can equip U.S. and global organizations with robust tools and methodologies to strategically manage their innovation portfolio by maximizing the value generated by their innovation initiatives while minimizing their risk, resources, and time,” said Rick Fernandez, chair of the U.S. TAG to TC 279. “We recognize that innovation portfolios can exist at various levels—organizational, divisional, unit—and span multiple verticals, such as technology, process, or strategic initiatives, potentially forming an interconnected family of portfolios.”
Next Steps and How to Get Involved
Administered by ANSI, the U.S. TAG to TC 279 carries U.S. positions forward in the development of the international standard. U.S. stakeholders, including industry experts, innovation practitioners, public and nonprofit sector representatives, and members of academia, are encouraged to contribute their insights and participate in shaping this international standard. Engaging provides an opportunity to influence best practices and network with leading U.S. and international professionals in the field.
The standard’s targeted publication date is in 2028. Organizations interested in contributing to its development are encouraged to contact Jason Knopes ([email protected]), ANSI senior manager of ISO outreach and enhanced services.