What is the best way to measure the success of a global innovation strategy?

2 Collect and analyze data

The second step to measure the success of a global innovation strategy is to collect and analyze data. You need to have a system and a process to gather, store, and process the data that corresponds to your metrics. You might use different sources and methods of data collection, such as surveys, interviews, observations, experiments, or secondary data. You also need to have a framework and a tool to analyze the data and generate insights. You might use different techniques and models of data analysis, such as descriptive, inferential, or predictive statistics, or qualitative or quantitative methods.

3 Compare and benchmark

The third step to measure the success of a global innovation strategy is to compare and benchmark. You need to have a reference point and a standard to evaluate your performance and impact. You might compare your results with your previous performance, your targets, or your competitors. You might also benchmark your results with best practices, industry norms, or global standards. You need to have a clear and objective criteria to assess your strengths and weaknesses, your opportunities and threats, and your gaps and areas for improvement.

4 Communicate and report

The fourth step to measure the success of a global innovation strategy is to communicate and report. You need to have a strategy and a format to share your findings and recommendations with your stakeholders. You might use different channels and media to communicate and report, such as presentations, dashboards, newsletters, or blogs. You also need to have a tone and a style to convey your message and engage your audience. You might use different elements and techniques to communicate and report, such as stories, visuals, charts, or infographics.

6 Celebrate and reward

The sixth and final step to measure the success of a global innovation strategy is to celebrate and reward. You need to have a way and a reason to acknowledge and appreciate your achievements and impact. You also need to have a system and a policy to recognize and incentivize your team and your partners for their contribution and collaboration. You might use different forms and methods to celebrate and reward, such as events, awards, bonuses, or feedback. You need to have a value and a purpose to motivate and inspire your team and your partners to keep innovating and growing.