Innovation management has been considered a basic element for sustainable growth in the long term for organizations. However, the implementation of initiatives that may lead an organization to be more innovative requires deeper investigation on the gaps that separate the current status of a particular organization from the “desired” organization. In this sense, applying a diagnostic tool is a useful way to identify these gaps and to define an action plan for the change process. Therefore, choosing an appropriate diagnostic tool is a very important decision and a company should take in consideration its very specificities and the strategic intent of the innovation management initiatives before performing a diagnosis. Many management models and, in the case of this study, innovation management models, offer a diagnostic tool as a practical way to a company to check its level of alignment with the model proposed. However, innovation management models do not constitute a cohesive and consolidated body of knowledge: each one carries its own subjective assumptions and biases. This research takes several innovation diagnostic tools and, from their analysis, key elements for innovation management in organizations and recommendations for defining adequate diagnostic tools emerge.