More than 88% of respondents indicate that innovation is a major element of their product development initiatives, according to ‘The 2015 Global Innovation Economy Survey’. However, less than 25% set innovation performance metrics, other studies found. How can we explain this incongruence?
To start with, if no magic formula exists for innovation, how could one exist for measuring it? There is no single universal indicator either. And, what works in one company may get confusing or even be counterproductive in another.
Yet, innovation is the way we do business today. From R&D to disruptive and incremental methods, companies have to find a way to measure the innovation process at hand and analyse its relevance.
At the end of the day, it comes down to accountability to leadership and shareholders, as well as your own teams. It comes down to your organisation’s survival. Innovation without results becomes useless.
Therefore, as you develop your innovation efforts, remember to adopt a set of priority metrics that allows you to monitor the process from its beginning and track major results. You need to understand what is worth following, what could be improved and what simply doesn’t work.
Finally, do not overlook vital outcomes such as higher levels of participation and engagement – your people’s collective intelligence is your most valuable asset. Take a look at our basic steps and innovation measurement framework when deciding which metrics to choose. You can learn, as you progress, how to readapt your strategy and, most importantly, how to get innovation done.
FROM THE START:
How can you measure innovation management?