What innovation metrics do you use to measure success in your business?

1 Input metrics

Input metrics are the indicators that measure the resources and activities that you invest in your innovation process. They include things like the number of ideas generated, the amount of funding allocated, the time spent on research and development, the skills and diversity of your innovation team, and the tools and methods that you use. Input metrics help you track how much effort and commitment you put into innovation, and how well you manage your innovation portfolio.

4 Culture metrics

Culture metrics are the indicators that measure the attitudes and behaviors that support or hinder your innovation process. They include things like the level of engagement, collaboration, openness, experimentation, feedback, and recognition among your employees, customers, partners, and stakeholders. Culture metrics help you foster a positive and productive innovation culture, and how well you align your values and vision with your actions and outcomes.

5 Benchmark metrics

Benchmark metrics are the indicators that measure how you compare and contrast with your competitors and peers in terms of your innovation performance. They include things like the innovation ranking, the innovation index, the innovation scorecard, and the innovation maturity model. Benchmark metrics help you identify your strengths and weaknesses, opportunities and threats, gaps and best practices, and how well you differentiate yourself and create a competitive advantage.

6 Balanced metrics

Balanced metrics are the indicators that measure how you combine and integrate different types of metrics to create a holistic and comprehensive view of your innovation performance. They include things like the balanced scorecard, the innovation dashboard, the innovation canvas, and the innovation roadmap. Balanced metrics help you align and communicate your innovation strategy, objectives, actions, and results, and how well you adapt and improve your innovation process over time.

7 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?