How does your company measure innovation?
If your like many companies both big and small, it has been a challenge to measure anything but a change to top line revenue. As you formulate the processes that are part of your organizational innovation engine, consider the defining the following 4 items:
- A framework of capturing, reporting and making adjustments based on the key metrics related to innovation
- ROI related metrics evaluating all possible inputs associated with innovation
- Metrics related to capacity, ability and location of resources both internal and external.
- Process metrics such that a lean approach can be an outcome based on cycle time and hand offs between steps in your organizational process
If you can’t measure it, it cannot be improved.