Measuring innovation can have a high payback. Good innovation systems measure innovation success and use the data to improve the performance of the innovation process.

The critical thing in Innovation Metrics is what you measure. It is essential to quantify what ultimate success looks like and then measure the milestones for getting there. Every company and every innovation program has a difference perspective on what is value and therefore how it should be measured.

Innovation metrics provide hard data, the ability to measure and therefore improve the effectiveness of innovation systems and the ability to commercialise innovation. Measurements are as diverse as the design of a particular company’s innovation system.

Some innovation measures or metrics we have designed into company programs are:
• Participation levels in innovation program
• Numbers of idea entries
• Participation in subject category events
• Idea quality (with reference to a company’s Innovation Charter)
• Implementation rates
• Ideas successfully implemented
• New product launches
• Royalty and licence income streams
• Revenue from new products (total)
• Revenue from new products (% of turnover/time)
• Capital saving
• Cost savings
• Portfolio value of new ventures

Innovation Monitor; Measure your innovation capability and track your innovation performance more>>