Innovation Metrics & KPIs: Measuring Innovation to Create Growth

Innovation Metrics & KPIs: Measuring Innovation to Create Growth

Innovation is a structured process that should be measured and managed like any other corporate function. This article explains why measuring innovation is crucial and looks at the metrics and KPIs that businesses can use to track their progress. By measuring innovation, companies can encourage accountability, celebrate creativity, allocate resources effectively, encourage efficiency and keep investors happy. The article explains the advantages and limitations of different types of metrics including timesheet metrics, new product metrics, financial metrics, training and staff competency metrics, and management and leadership metrics. The article also mentions useful frameworks such as adjacency matrices and incongruity matrices that can help drive innovation.

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