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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More Innovation Resources:

5 Innovations that are Reshaping the Hospitality Industry

The hospitality industry is incorporating innovative technologies to improve efficiency and productivity. This article highlights 5 innovations to keep track of - artificial intelligence, augmented reality, crowdsourcing, outsourcing, and biometric technology.

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Managing Intellectual Property in Innovation Ecosystems

Collaborating with different companies in innovation ecosystems creates IP management complexities. Arthur D. Little's Phil Webster shares lessons on managing IP in innovation ecosystems, emphasizing clear ground rules for IP, creating a special purpose vehicle and having a repeatable model for collaboration.

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Innovative Ways for Your Employees to “Always Be Learning”

Innovative Ways for Your Employees to “Always Be Learning”

Investing in the education and growth of employees is key for business success. Innovative training techniques, encouraging self-driven growth, utilizing EdTech, and peer-to-peer learning are effective ways to keep employees learning and contributing to a company's success.

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