How to Measure Open Innovation Success
Open innovation can help organizations reach a larger audience, adapt to changing markets, and improve external opinions. To measure success, it is important to define goals by thinking big and small. Strategic goals relate to high-level business targets, while tactical goals are day-to-day. Measuring performance can be done by capturing simple metrics such as ideas submitted, completed projects, and ROI. However, it is important to understand how these metrics relate back to objectives. Finally, learning from collected data will help improve future approaches.
