Measuring Innovation Success

The first factors to measure are resources you devote to the process, such as time, money, training investment, strategic targeting, and overall guidance.

In addition to monitoring the efficiency of the process, it is also important to establish whether or not it is benefiting the organization as a whole.  The first factors to measure are resources you devote to the process, such as time, money, training investment, strategic targeting, and overall guidance.

These can be compared with outputs, such as the number of new products introduced, and profits derived from them: improvements in processes, calculated through customer satisfaction or efficiency surveys; comparisons with competitors; and overall business performance.

ACTION POINT: Keep track of the resources required for innovation and evaluate their impact on the organization.