Measures ROI of Innovation Efforts
Data And Benchmarking Capability
Innovation as a process must be viewed as an ongoing endeavor: there won’t be one silver bullet that fixes all the needs in an organization while unlocking lasting cost-savings immediately. To that end, while the data performance of an innovation program should be monitored, it shouldn’t be the sole measuring stick.
Keeping an eye on the ROI of your innovation is a good way to start – but how can you track it? Many innovation management platforms will total the value of an idea solely in a quantitative way: how much money did it save or make us, how long did it take us, can we repeat it quarter after quarter?
Others will have the functionality to look at engagement and the human impact of innovation, through gamification and people-based data. These more qualitative metrics can link to an organization that’s trying to measure the acceptance of its innovation practices, the progress of its culture, or even just whether the platform is being used on a daily basis.
Traditionally, the metrics used are about engagement, throughput, and output:
Engagement – how much and in what areas are people using your platform
Throughput – the amount of data, ideas, or material that passes through your platform
Output – what occurs as a result of the platform. This could mean the impact of a finished product, a fully-formed idea that is ready for implementation, or an employee intrapreneurship program devised on the platform
The best innovation management platforms will have the functionality to present these metrics in a number of ways, both on the platform itself and in an exportable format. That way, the success of innovation from either a human or a bottom line perspective can be shown to relevant stakeholders and ensure that programs can keep up their innovative work. Benchmarking capabilities are also critical to assessing the value of innovation activities. This can come through in both business contexts and industry contexts.
Having access to both in one place makes a platform more usable and useful – your organization can have eyes on movements in their sector as well as within their own walls. This oversight and knowledge helps you to better understand your position in the industry or sector and the future viability of this innovative way of working.
Benchmarking can be useful in the short-term and the long-term: take the idea of an organization that finds itself at the top of the rankings. Its position now gives insight into potential future strengths, as well as where it would have to shore up to fend off competitors. Measuring your data and benchmarking against competitors on the lines of activity and successes can give your organization a more rounded picture of their innovation work – both internally and throughout the wider market.
Wazoku's all-inclusive guide is your key to understanding and implementing potent innovation metrics. Here’s what you’ll uncover:
Recent trends and top practices
Methods to accurately measure the impact of your innovation initiatives
Strategies to align your innovation metrics with your business objectives