How can you evaluate R&D projects with multiple teams or departments?

1 Define your R&D objectives

Before you start evaluating your R&D projects, you need to define what you want to achieve with them. What are the problems you are trying to solve, the opportunities you are pursuing, or the innovations you are creating? How do they relate to your overall product vision, strategy, and roadmap? Your R&D objectives should be clear, specific, and measurable, and they should align with your business goals and customer needs. You can use frameworks such as SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) or OKR (Objectives and Key Results) to set and track your R&D objectives.

2 Choose your R&D metrics

When establishing R&D objectives, it is essential to choose the metrics that will help evaluate projects. Metrics are indicators of performance, progress, and outcomes and should be reflective of the R&D objectives. Depending on the nature and stage of the projects, input metrics measure resources and efforts such as budget, time, staff, and tools; process metrics measure efficiency and effectiveness such as quality, productivity, collaboration, and innovation; output metrics measure results and outputs such as features, prototypes, patents, and publications; and outcome metrics measure impact and value such as customer satisfaction, user adoption, revenue, and market share. Carefully select the most relevant and meaningful metrics for your R&D projects to avoid using too many or too vague metrics that can distract from focus and analysis. Additionally, define targets and benchmarks for your metrics while utilizing data sources and tools to collect and visualize data.

4 Evaluate your R&D projects regularly

To evaluate your R&D projects effectively, you need to do it regularly and systematically. You should define the frequency and format of your R&D evaluation, and stick to it. You should also involve all your R&D teams or departments, as well as your other stakeholders, such as product managers, executives, customers, etc., in your R&D evaluation. You should use your R&D metrics as the basis of your R&D evaluation, and compare them with your targets and benchmarks. You should also analyze the factors and trends that affect your R&D metrics, and identify the strengths, weaknesses, opportunities, and threats of your R&D projects. You should also use your R&D evaluation as an opportunity to celebrate your achievements, recognize your contributions, and learn from your failures.

5 Adjust your R&D projects accordingly

Based on your R&D evaluation, you should adjust your R&D projects accordingly. You should use your R&D evaluation as a feedback loop that can help you improve your R&D performance, progress, and outcomes. You should also use your R&D evaluation as a source of insights and ideas that can help you innovate and create value for your customers and business. You should also use your R&D evaluation as a way of communicating and reporting your R&D results and impact to your stakeholders, and demonstrate your R&D value and return on investment. You should also use your R&D evaluation as a tool for decision making and prioritization, and allocate your R&D resources and efforts to the most promising and impactful R&D projects.