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How do you measure and communicate the impact of your innovation projects?

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Innovation is essential for any business that wants to stay ahead of the competition, create value for customers, and grow in a dynamic market. But how do you know if your innovation projects are delivering the results you expect and deserve? How do you communicate the impact of your innovation efforts to your stakeholders, investors, and partners? In this article, you will learn how to measure and communicate the impact of your innovation projects using four key steps: define, measure, evaluate, and report.

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Andrew Constable, DBA (Cand), MBA, BSP

Creating Value with Strategy | Strategy Consultant @ Visualise | Lead Coach @ Strategyzer, Leanstack | BSI Balanced…

1 Define your innovation goals and metrics

The first step is to define what you want to achieve with your innovation projects and how you will measure your progress and success. You need to align your innovation goals with your overall business strategy and value proposition, and identify the key performance indicators (KPIs) that will reflect your innovation outcomes. For example, you may want to increase your market share, customer satisfaction, revenue, or profitability through innovation. You may also want to measure your innovation inputs, such as resources, time, budget, or talent, and your innovation outputs, such as new products, services, processes, or business models.

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Andrew Constable, DBA (Cand), MBA, BSP

Creating Value with Strategy | Strategy Consultant @ Visualise | Lead Coach @ Strategyzer, Leanstack | BSI Balanced Scorecard Professional (BSP) & Senior Associate | Blue Ocean Strategy Certified | Six Sigma Black Belt??
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In my opinion, strategic guidance from leaders has two parts: Corporate Identity: This component makes the organization's identity clear, defining strategic direction, organizational culture, and the desired corporate image. It sets the context for portfolio guidance, establishing whom the organization aims to be. Portfolio Guidance: This component specifies the innovation projects the company should pursue. It clarifies what projects align with the organization's goals, setting boundaries by answering questions such as: What's your financial philosophy? (e.g., growth or stable dividends) Where do you want to compete in the long term? (e.g., markets, technologies) What key resources and capabilities do you aim to develop?

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Raul Lopez

I drive business change through strategic leadership and effective team management. Senior Program Manager at Signify.
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From my experience, the alignment of innovation goals with overarching business strategy is merely a fragment of the equation. Innovation is a multifaceted process that requires a delicate balance between feasibility, viability, and desirability. I experienced the most significant strides in innovation when collaborating with experts who represent one of these fundamental areas. A team member who is adept at identifying technically feasible solutions (feasibility), another who understands the desires of the customer (desirability), and one more who can determine the solution's compatibility with our overall business strategy (viability).

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2 Measure your innovation performance and impact

The second step is to collect and analyze data on your innovation performance and impact using the metrics you defined in the previous step. You need to use reliable and relevant sources of data, such as surveys, interviews, experiments, tests, sales, feedback, or analytics, and apply appropriate methods and tools to process and interpret the data. You may also want to use qualitative and quantitative methods, such as stories, case studies, or statistics, to capture the different dimensions and aspects of your innovation impact. For example, you may want to measure how your innovation projects have improved your customer experience, solved a problem, created a value proposition, or generated a return on investment.

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Andrew Constable, DBA (Cand), MBA, BSP

Creating Value with Strategy | Strategy Consultant @ Visualise | Lead Coach @ Strategyzer, Leanstack | BSI Balanced Scorecard Professional (BSP) & Senior Associate | Blue Ocean Strategy Certified | Six Sigma Black Belt??
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I am a big fan of the evidence scorecard. The Scorecard from Strategyzer is a tool designed to assess innovation teams' progress towards finding a profitable business model. It was developed with the aim of focusing not just on products and services but on the broader business aspects when running experiments to test new business ideas. Check it out https://www.strategyzer.com/blog/innovation-project-scorecard-evidence-trumps-opinion

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3 Evaluate your innovation results and learnings

The third step is to evaluate your innovation results and learnings using the data you collected and analyzed in the previous step. You need to compare your actual performance and impact with your expected goals and metrics, and identify the gaps, strengths, weaknesses, opportunities, and threats of your innovation projects. You also need to reflect on what you have learned from your innovation experiments, failures, successes, and feedback, and how you can use those learnings to improve your innovation processes, practices, and culture. For example, you may want to evaluate how your innovation projects have met or exceeded your customer needs, validated or invalidated your assumptions, or enabled or hindered your growth.

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4 Report your innovation impact and value

The fourth and final step is to report your innovation impact and value to your stakeholders, investors, and partners using the data and evaluation you conducted in the previous steps. You need to communicate your innovation results and learnings in a clear, concise, and compelling way, using the appropriate formats, channels, and media. You also need to highlight the benefits and value of your innovation projects for your business, customers, and society, and how they support your vision, mission, and values. For example, you may want to report how your innovation projects have increased your competitive advantage, customer loyalty, revenue growth, or social impact.

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Andrew Constable, DBA (Cand), MBA, BSP

Creating Value with Strategy | Strategy Consultant @ Visualise | Lead Coach @ Strategyzer, Leanstack | BSI Balanced Scorecard Professional (BSP) & Senior Associate | Blue Ocean Strategy Certified | Six Sigma Black Belt??
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This links to the previous comment about the evidence scorecard. Using this at the start of an engagement, baselining where the project is and reviewing this in the middle and end of the process allows the project's impact to be developed using real-world evidence and learning.

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5 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?

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How do you measure and communicate the impact of your innovation projects?

1

2

3

4

5

1 Define your innovation goals and metrics

2 Measure your innovation performance and impact

3 Evaluate your innovation results and learnings

4 Report your innovation impact and value

5 Here’s what else to consider

Business Strategy

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How do you measure and communicate the impact of your innovation projects?

1

2

3

4

5

1 Define your innovation goals and metrics

2 Measure your innovation performance and impact

3 Evaluate your innovation results and learnings

4 Report your innovation impact and value

5 Here’s what else to consider

Business Strategy

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