Metrics for Business Innovation
Metrics are the ways by which such indicators are evaluated – numerically or not. Using too few metrics may disregard important aspects of innovation for the company. However, using too many metrics may lead to confusion and administrative burdens.There is art and science in the selection of a balanced portfolio of metrics and the determination of who to do the measurements and when to have them done. Equally important is the pre-determination of metric thresholds and corrective actions in case the thresholds are not met.Not all metrics are equal – some metrics are more valuable than others in terms of helping drive for a more effective culture of innovation and higher corporate performance. As well, metrics need to be changed from time to time either to reflect better the specific innovation portfolio being pursue or to deflect personnel attempts at exploiting the use of some metrics for unmerited individual rewards.BD COHNsulting extensive knowledge of metrics and their relative values helps companies optimize the allocation of resources and undertake more effective innovation activities with timely reviews and portfolio adjustments.