Innovation Metrics
- Joe Gifford
- Dec 11, 2024
- 1 min read
๐๐ง๐ง๐จ๐ฏ๐๐ญ๐ข๐จ๐ง ๐๐๐ญ๐ซ๐ข๐๐ฌ: ๐๐ซ๐ ๐๐จ๐ฎ ๐๐๐๐ฌ๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐ข๐ ๐ก๐ญ ๐๐ก๐ข๐ง๐ ๐ฌ? ๐
Every business leader strives for innovation. But how do you know if you're succeeding? ๐ค Too often, companies rely on outdated metrics. They focus on the wrong numbers, like project ROI (see post last week).
Here's how to measure innovation effectively:
๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐๐ซ ๐ ๐๐๐๐๐๐๐ค
How often do you listen to your customers? ๐ Customer insights should guide your innovation efforts.
๐๐ข๐ฆ๐ ๐ญ๐จ ๐๐๐ซ๐ค๐๐ญ
Speed is crucial. Measure how long it takes to get from idea to product. โฑ๏ธ Faster isn't always better, but efficiency matters.
๐๐ฆ๐ฉ๐ฅ๐จ๐ฒ๐๐ ๐๐ง๐ ๐๐ ๐๐ฆ๐๐ง๐ญ
Engaged employees are more innovative. Are your team members excited about their work? ๐ Engagement can be a leading indicator of innovative success.
๐๐๐ฏ๐๐ง๐ฎ๐ ๐๐ซ๐จ๐ฆ ๐๐๐ฐ ๐๐ซ๐จ๐๐ฎ๐๐ญ๐ฌ
How much of your revenue comes from products launched in the last three years? This metric shows if your innovation is paying off. ๐ฐ
๐๐ง๐ง๐จ๐ฏ๐๐ญ๐ข๐จ๐ง ๐๐ข๐ฉ๐๐ฅ๐ข๐ง๐
Do you have a steady stream of ideas? A healthy pipeline indicates a culture of innovation.
๐๐๐ข๐๐ข๐๐๐ง, ๐ข๐๐ฉ๐ง๐๐๐จ ๐จ๐๐ค๐ช๐ก๐ ๐ก๐๐๐ ๐ฉ๐ค ๐๐๐ฉ๐๐ค๐ฃ. ๐๐ ๐ฎ๐ค๐ช'๐ง๐ ๐ฃ๐ค๐ฉ ๐ช๐จ๐๐ฃ๐ ๐ฉ๐๐๐ข ๐ฉ๐ค ๐๐ง๐๐ซ๐ ๐๐๐๐ฃ๐๐, ๐ฉ๐๐๐ฎ'๐ง๐ ๐๐ช๐จ๐ฉ ๐ฃ๐ช๐ข๐๐๐ง๐จ.
Want to discuss how to tailor these metrics for your company? Let's chat!
Comment below or send me a message on LinkedIn.
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