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.