How to measure innovation: Metrics - Implementation - Timeline

Innovation is notoriously hard to measure, as it is often defined by intangible measures. However, it is essential to understand ROI, establish learning outcomes, and drive growth. The first step is to identify clear goals and objectives that are in line with your overarching business strategy. There is no set approach to measuring innovation, so it is necessary to choose the most appropriate metrics for your unique business objectives. Some suggested metrics include the number of new ideas proposed, proportion of ideas selected for implementation, and customer satisfaction with new products. The implementation of these metrics requires careful planning, tracking, and development on an ongoing basis. It is crucial to measure what is important, not what is easy to measure, and to establish appropriate metrics that recognize the necessity of failure in the innovation process.