What are the best ways to measure open innovation?

1 Define your goals

Before you start measuring open innovation, you need to define what you want to achieve with it. Do you want to improve your customer satisfaction, market share, revenue, or profitability? Do you want to enhance your brand reputation, employee engagement, or social responsibility? Do you want to create new offerings, enter new markets, or solve specific problems? By setting clear and specific goals, you can align your open innovation strategy with your business objectives and choose the most relevant metrics to track your progress and performance.

2 Choose your metrics

There is no one-size-fits-all approach to measuring open innovation. Depending on your goals, you may need to use different types of metrics, such as input, output, process, or impact metrics. Input metrics measure the resources and activities that you invest in open innovation, such as the number of partners, projects, or platforms that you use. Output metrics measure the results and outcomes that you generate from open innovation, such as the number of ideas, prototypes, or patents that you produce. Process metrics measure the efficiency and effectiveness of your open innovation processes, such as the time, cost, or quality of your innovation activities. Impact metrics measure the value and benefits that you create from open innovation, such as the revenue, profit, or growth that you achieve.

3 Collect your data

To measure your open innovation metrics, you need to collect and analyze relevant data from various sources, such as surveys, interviews, feedback forms, reports, or dashboards. You can use qualitative or quantitative methods, or a combination of both, to gather and interpret your data. You can also use tools and platforms, such as open innovation software, analytics software, or online communities, to facilitate and automate your data collection and analysis. You should aim to collect your data regularly and consistently, and ensure that it is accurate, reliable, and valid.

4 Communicate your results

Once you have collected and analyzed your data, you need to communicate your results to your stakeholders, such as your management, employees, partners, or customers. You can use various formats and channels, such as reports, presentations, newsletters, or social media, to share your findings and insights. You should highlight your achievements and successes, as well as your challenges and learnings, and provide recommendations and action plans for improvement. You should also solicit feedback and suggestions from your stakeholders, and use them to refine and optimize your open innovation strategy and practice.

5 Benchmark your performance

To evaluate your open innovation performance, you need to compare your results with your goals, as well as with your competitors and industry standards. You can use benchmarks and indicators, such as innovation indexes, rankings, or awards, to assess how well you are doing in terms of open innovation. You can also use best practices and case studies, such as those from the Open Innovation Network, the Open Innovation Academy, or the Open Innovation Forum, to learn from the experiences and lessons of other organizations and experts. By benchmarking your performance, you can identify your strengths and weaknesses, and discover new opportunities and threats for your open innovation.

6 Adapt and improve

Measuring open innovation is not a one-time event, but a continuous process. You need to monitor and review your open innovation metrics and results regularly, and use them to inform and adjust your open innovation strategy and practice. You should also experiment and test new ideas and approaches, and learn from your failures and successes. By adapting and improving your open innovation, you can increase your innovation capabilities and outcomes, and achieve your business goals.