You may easily find yourself overwhelmed with the amount of innovation metrics you can choose from. But you simply cannot get mired in endless reports, comparative numbers and hundreds of percentages that may have nothing relevant to show you.
Based on experiences with our clients from across several countries and industries, we, at Exago, have come to identify the chief indicators you should contemplate at each phase of the process: from the investment phase through to performance and development and, finally, output and evaluation.
These indicators consider three dimensions we believe are fundamental: human capital and organisational culture, the ‘people factor’ as the cornerstone of any innovation programme; financial and accounting plans, a stronger focus on growth and sustainability; resources acquisition and development, namely, tangible and intangible aspects, such as assets and knowledge.
Keep in mind this framework is elastic. It’s a chart to identify your own metrics set, according to your specific challenges. These three steps will help you decide which to adopt:
a) The most important step – define how innovation will serve the strategy and purpose of your organisation;
b) Establish the nature of the results and stabilise a set of priority metrics (and practices) of input, process and output;
c) Make the process evolve by including new metrics and excluding aspects difficult to measure or those that do not suggest process improvements Most of all, remember you don’t have to start from scratch and you can’t freeze up in any phase. Innovation is a process of trial and error, by its very nature. So, build a solid initial plan, including top metrics to track, and be ready to learn and adapt as you progress.
FROM THE START:
How can you measure innovation management?