How do you compare innovation metrics across sectors?

2 What are the challenges of comparing innovation metrics across sectors?

Comparing innovation metrics across sectors is not without challenges. A lack of a common definition and framework of innovation across sectors can make it difficult to measure and comprehend. Additionally, the diversity and complexity of innovation activities and outcomes across sectors can make it hard to compare innovation metrics using a simple or standardized approach. Lastly, different sectors may have different levels of data availability and quality for innovation metrics, depending on the sources, methods, and frequency of data collection and analysis. These factors combine to make comparing innovation metrics across sectors an arduous task.

3 How to compare innovation metrics across sectors?

To compare innovation metrics across sectors, you need to consider several key principles and steps. Firstly, you must clarify why you want to compare innovation metrics, what questions you want to answer, and which sectors you want to include in your comparison. Additionally, you need to determine the level and unit of analysis (such as country, region, industry, organization, etc.) and the time frame of your comparison. Secondly, you must select and align the relevant innovation metrics across sectors by using common definitions, frameworks, and methods. Thirdly, you must collect and analyze data and indicators for your innovation metrics across sectors with reliable sources, methods, and tools. Lastly, it is essential to interpret and communicate your results and insights from comparing innovation metrics across sectors with clear language visuals, stories, and by acknowledging the limitations of your comparison.

4 What are some common innovation metrics across sectors?

Innovation metrics vary across sectors, as different sectors have different goals, processes, and outcomes. However, some common metrics that can be applied across sectors include input metrics (e.g. R&D expenditure, R&D intensity, R&D personnel, innovation expenditure, etc.), output metrics (e.g. patents, publications, new products, etc.), outcome metrics (e.g. productivity, profitability, growth, etc.), and context metrics (e.g. innovation culture, innovation strategy, innovation management, etc.). These metrics measure the resources invested in innovation activities as well as the results and impacts of these activities. Additionally, they measure the factors and conditions that enable or hinder innovation activities.

5 How to improve your innovation metrics across sectors?

Comparing innovation metrics across sectors can help you to identify your strengths and weaknesses, opportunities and threats, and gaps and potentials in your innovation performance. To improve your innovation metrics, you should monitor and evaluate them regularly and systematically, using data-driven and evidence-based approaches. Additionally, you should learn from comparison results and insights by benchmarking against best practices or creating new innovations. Moreover, you should innovate and experiment with your innovation metrics by exploring new or alternative metrics, indicators, or methods. Lastly, collaborate with other sectors by sharing or exchanging data, information, knowledge, or resources.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?