Why Innovation Metrics?

1000ventures.com has very extensive insights on innovation metrics and best practices, along with several other key areas in business performance measurement and management. Here Some highlights on innovation metrics:

You cannot manage what you don't measure. Innovation metrics motivates managers and leaders across your organization to embrace innovation broadly and give it ongoing priority. The adage "that which gets measured gets done" is no less true of the innovation process than any other. Once innovation goals are broadly communicated and rewards for achieving milestones are established, the pace of ideas to implementation accelerates. Sustainable growth is the result.

Innovation metrics should be applied to the three dimensions of your innovation system - strategic planning, process, and people.

The five classic result measures - performance, quality, timing, financials, and development costs - tell you what happened, but don't tell you why. "For example, an 8% drop in quarterly profits accompanied by a 10% rise in service costs does not tell a customer service team what its service technicians should do differently on their next call."

New Product / Innovation Metrics

Innovation Performance Metrics
(Measuring Efficiency)
Innovation Program Metrics
(Measuring Effectiveness)
Cumulative new product profits and revenues Innovation portfolio mix (new-t-world, new-to-company, improvements)
Growth impact (new product revenue vs. total company revenue) Process pipeline Flow
New product survival rate Speed to market

Source: 1000ventures.com

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