Innovations arrive at a rapid pace. To stay on top of the latest promising breakthroughs — and weed out the flops — IT leaders must create and staff innovation projects. Yet when working with limited resources (and which IT leader isn’t?), it’s important to find a way to prioritize initiatives.
Start by mapping each project to a specific business goal or customer need — this ensures real impact, advises Rohan Sharma, a former innovation team leader at scientific instrumentation firm Thermo Fisher Scientific and now an independent author and lecturer. “Next, weigh key factors such as ROI, resource availability, and risk tolerance,” he recommends in an email interview. “Finally, create a transparent scoring or ranking system so everyone understands why certain projects come first.”
Sharma says this approach forces discipline. “Instead of running with the coolest idea, you’re aligning with strategy and measurable outcomes,” he explains. “It also demystifies decision-making for your team, reinforcing trust and focus.”
Risks and Rewards
A reliable way to prioritize innovation projects is to weigh each initiative’s risks and rewards, suggests Nick Esposito, founder of NYCServers, which specializes in hosting services for fintech and trading platforms. “It’s about looking at the potential impact, how doable the project is, and whether it fits with the company’s long-term goals,” he says in an online interview.
Esposito notes that projects with a potentially high financial or competitive reward are generally worth prioritizing — just as long as the risks remain manageable. Don’t forget to consider the project’s time-sensitivity and whether it can be completed on schedule, he adds. “By focusing on projects that offer the biggest benefits with reasonable risks, organizations can get the most out of their innovation efforts.”
Innovative Approaches
Prateek Shrivastava, advanced analytics manager at engine and power-generation manufacturer Cummins, says his team relies on what he calls “The WIZGIF Method,” an abbreviation of “What Is the Goal in Focus?” “This approach ensures that every project is evaluated based on its alignment with the overarching business goal,” he explains in an online interview. “By breaking down priorities into clear, actionable criteria — such as business impact, strategic alignment, feasibility, and required resources — it creates a structured framework for decision-making.”
Shrivastava believes that his WIZGIF method is effective, since it forces clarity and alignment from the outset. “By keeping the business goal in sharp focus, it minimizes distractions and ensures that all efforts are contributing to the organization’s strategic objectives,” he states. “This approach fosters collaboration and transparency while keeping teams agile in responding to evolving needs.”
Benjamin Atkinson, innovation director at CNA Insurance, takes an alternate position. He feels that project prioritization should be generally avoided. “When we talk of innovation, we’re usually talking about problem-solving in a complex adaptive system,” he says via email. “We simply can’t know in advance which ideas will succeed — picking winning ideas is a loser’s game.”
If leaders want successful ideas, they must provide their teams with a clear direction, a clearly defined problem space, and known constraints, Atkinson says. “If leaders take the time to do this, they will have created a magnet for good ideas.”
Seeking Support
Sharma says cross-functional peers in areas such as finance, operations, and product teams, are the best innovation allies. “They offer diverse viewpoints on feasibility, budget, and timing,” he explains. “Tapping into an executive sponsor can also help keep priorities aligned with the bigger organizational picture.”
Working closely with cross-functional teams, including business analysts, finance departments, and product managers, can provide a clear understanding of a project’s feasibility and potential value, Esposito says. External consultants and other industry experts can also offer valuable insights, especially when exploring new or unfamiliar technologies. “Collaborating with these resources ensures a comprehensive view of market trends, technological advancements, and business needs to inform decisions.”
Sharma says the biggest mistake project leaders make is spreading resources too thinly or chasing “shiny objects” without any clear business alignment. Meanwhile, trying to focus on everything at once guarantees mediocre results across the board, he adds.
Parting Thoughts
Don’t consider any new project without first establishing a solid prioritization framework. “A strong prioritization framework is a living process, not a one-off exercise,” Sharma says. “Keep refining it based on feedback and results,” he advises. “Additionally, by embracing ongoing learning, you’ll cultivate a culture that values both innovative thinking and practical execution.”
Prioritization is not a one-time activity — it’s a continuous process that requires alignment, evaluation, and adaptability, Shrivastava says. “Methods like WIZGIF are valuable because they provide a consistent framework to revisit priorities, make dynamic adjustments, and ensure that resources are always directed toward maximum value creation.”