How do you measure innovation?
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ISSO and Director of the IRU in Healthcare and Biotech2 years ago
I think you measure innovation by what problems the solution is solving. Innovation doesn’t always have to be something technically new. Inventing or finding a solution to a problem is also considered innovation most of the time. VP, Technology Manager in Education2 years ago
We have created an innovation group in the last two years, and I have wondered a great deal about how we can measure success. For me it is about not only the number of new ideas generated, but also the amount of impact they create. The impact metric can vary by area of the business we are talking about, but applying it to some existing KPI can give us a relative number. I think it's important to consider which ideas are new innovations and which are just mimicking or responding to the marketplace in general.Group Chief Information Officer in Construction2 years ago
At the end of the day our objective of Technical department is to facilitate our customer needs.By fulfilling our objective in untraditional way, Thinning out of the box, trying things nobody else have tried before and it dose work !
CIO / CDO in Construction2 years ago
I am not a big fan of establishing any kind of formal innovation group, team etc. Why? Innovation can't be institutionalized, mandated, prescribed etc. in companies, industries or people who're not innovative to start with.There needs to be however a way, a process to collect great ideas and innovative seeds from across the entire population in a company. Independent of an employee's rank, level, title, role etc. That does however anticipate a respective company culture (most of them fail there!), for the employees in a company to truly understand and identify themselves with the company's "purpose", vision, strategy (how many strategies out there are "readable", trigger purpose or meaning?) what their customers really need or want or what else there might be to tie more customers, create a new value proposition, optimize existing value propositions or eliminate unwanted/unpopular ones.
Bottom line to me: innovation shall be measured by how well, how creatively customer needs, business opportunities are being anticipated or responded to = revenue increase, revenue generation by means which go above and beyond of what's there today!
2)revenue generated by the new product or application
3)number of ideas submitted by employees