The 6 innovation KPIs you should be tracking

Measuring the impact of innovation in your company can be difficult, but it is crucial to assess the value of your innovation program and prove its business worth to stakeholders. The innovation funnel is multi-dimensional, and different metrics have various potential and real impacts on your company, some of which can be less quantifiable and manifest over many years. A sound approach to Key Performance Indicators (KPIs) is essential for evaluating the impact of innovation and demonstrating its business value to stakeholders. Here are six KPIs that can help you track and manage the impact of your innovation program over time: engagement, actionable ideas, projected profitability, actual profitability, costs, and cultural impact.