How can you set and track innovation goals and objectives?

Push yourself to understand why you are spending energy and resources on this endeavor. As I am asking myself why I am contributing to this article right now...

In my view, there are four key steps to efficiently setting and monitoring innovation goals: Define, Allocate, Measure and Evaluate. Invest time in strategic planning sessions to define objectives that reflect the company's long-term vision. Allocate resources wisely, balance investment, development and experimentation. Measure outcomes by assessing the number of product launches and their revenue. Always evaluate and drive your strategies accordingly to the market and customer changes.

Innovation moves at the speed of trust. Don't approach it lightly or superficially. Clarity of intent and desired outcome of innovating will help you build the trusting relationships needed to support successful innovation with meaningful outcomes.

To set and track innovation goals: 1. Define SMART objectives aligned with business strategy. 2. Break down goals into actionable steps. 3. Identify relevant KPIs for measurement. 4. Use project management tools for tracking. 5. Conduct regular reviews and adjustments. 6. Assign accountability to team members. 7. Celebrate milestones to maintain motivation.

SMART Goals are your roadmap to successful innovation. Here's how I craft them and pick relevant objectives: 1. Big Dream, Small Steps: Start with your big innovation vision (e.g., "delight customers"). Break it down into bite-sized, achievable goals (e.g., "improve app by X% in Y months"). 2. Make it SMART: Specific: What exactly do you want to achieve? Measurable: Can you track progress with numbers? Attainable: Is it realistic with your resources? Relevant: Does it align with your bigger picture? Time-bound: When will you achieve this goal? 3. Pick Relevant Actions: Choose steps that directly contribute to your goal. Make them clear and actionable (e.g., "launch new feature Z"). In short, keep it simple and focused!

Choosing the right metrics for your innovation goals can sometimes be tricky. Here's my super simple approach to selecting appropriate ones: 1. Know Your Goal: (e.g., happier customers) 2. Track What Matters: (e.g., customer satisfaction surveys) 3. See Results: Did it make customers happier? (higher scores) 4. Keep It Simple: Don't overthink it, focus on what helps. Attentively, track things that show if your innovation is working, not just how busy you are.

When it comes to innovation, balancing a 'horses for courses' and 'harmonised metrics' approach to measurement is important. On the one hand, innovation can't be measured in the same way as BAU projects, because you're operating within greater levels of uncertainty. On the other, if you speak a different language to the business you'll create an ivory tower where innovation feels like something separate and threatening. Looking at your current metrics and seeing how these might need to be adapted is the first step.

Utilize Tracking Tools and Processes: - Innovation Management Software: Consider using software to manage ideas, track progress, and collaborate on projects. - Regular Reviews: Schedule regular meetings to assess progress, identify roadblocks, and celebrate achievements. - Metrics Dashboard: Develop a dashboard to visualize key metrics and monitor innovation performance.

Based on my experience, here's how to effectively get everyone on board and track progress in a vital data-driven way: 1. Share the Plan: Explain your innovation goals and how you'll measure success (metrics) in a clear, concise way (e.g., emails, meetings). 2. Track Progress: Regularly check those metrics (e.g., charts, reports) to see if you're on the right track. 3. Celebrate Wins: Recognize progress and achievements to keep everyone motivated. 4. Adapt & Improve: Use the data to learn, adjust goals if needed, and keep innovating! Remember: Keep it clear, track results, and celebrate wins for successful innovation!