Naming groups of people in large organizations is not pleasant.
You go through acronym gymnastics trying to make clever things work. We had one acronym based name that someone's wife pointed out could also be spelled O-FACE (Office Space reference). We tried to use a metaphor, but sadly, those are hard to get past HR.
Our team is a bit of a Skunk Works, but we didn't want our name to make it appear like we aren't focused on providing business value.
Our name is:
That is about as much zip as you are going to get past upper management and HR at my company. For those not in the insurance industry, 'Premium' is synonymous with 'Revenue'. So it is a bit of a double entendre. We are focused on writing software and implementing systems that will have a very high impact on the bottom line. Putting the word 'premium' in the name is supposed to convey that. The second meaning means that we are premium software/system engineers (of course!). The 'innovation' bit is of course corporate, but it is better then "solutions" or something. And the truth is, we are going to be doing a lot of innovating (or at least that is the plan).
So there you have it.
Please don't ridicule the name - I simply can't bare it after going through 20 different ones the past month! ;)
Now of course there must be an acronym - this is corporate America. Don't quite know what it will be ... PI (like 3.14)? P.I. (Magnum!). PIT (Premium Innovation Team).
Time will tell ...