How to Measure the Value of Innovation

How to Measure the Value of Innovation

Metrics are crucial for promoting behavior, helping diagnose underlying conditions, and reflecting on an activity’s existence. However, designing a dashboard of metrics can be overwhelming. Here are four steps to measuring innovation: first, understand and document specifics of the activity; second, think in levels or layers; third, keep it simple by selecting five to seven key metrics; and fourth, document your progress and use every resource available. Consistency is crucial and the right measures can help diagnose and monitor trends while reflecting on the state of the innovation activity.

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More Innovation Resources:

Do you have an innovation strategy?

Financial performance and innovation spending do not have a significant relationship. The primary elements for innovative companies are a focused innovation strategy and a corporate culture that is wired for innovation.

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Making Your Own Idea Whiteboard

Whiteboards are essential for idea generation and innovation programs, but support from management and governance are also critical for success.

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How to Establish Innovation Metrics

Establishing the right innovation metrics and indicators can be challenging. This article discusses research around innovation metrics and KPIs, and how they can be structured by process phase, measurement area, and expression in qualitative or quantitative terms.

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