How to measure ROI of ideation activities?

Innovation is essential for long-term sustainability and growth, but the key to successful innovation is finding the right model for your organization. Turning ideas into value through new products, services or business models requires investment, and measuring ROI is crucial for determining whether or not to proceed. While measuring the ROI of new products is straightforward, the ROI of ideation or front-end innovation activities is harder to quantify but undeniably important in the innovation process. This part of the innovation process determines which ideas will be progressed for further development and commercialization. To understand the real value of ideation activities, organizations need to consider indirect and non-financial metrics like employee engagement, collaboration and the number of ideas collected through idea challenges. To maximize ROI, companies need to understand the product lifecycle stages and put innovation ROI at the center of their innovation projects. Innovators can rely on Innovation Cloud to keep a close eye on their ROI of innovation, covering both front-end innovation and product development metrics.