Digital is the age of innovation. And innovation is what leads to differentiation. There are many ways to differentiate and, therefore, there are many ways to pursue innovation. Digital Master refers to those high-performing, highly innovative and high-mature (less than 15%) digital organizations; at the individual level, Digital Masters are those cross-generational digital professionals who are equipped with the advanced digital minds and build a unique set of digital capabilities. Talking about innovation is not new nowadays, everybody, every organization now is talking about innovation. It’s been at or near the top of the business or economics agenda for a long time. However, there are a lot of confusions about innovation and there is no magic sauce to guarantee its success. Innovation is not serendipity, but a discipline.
Innovation Measurement and Metrics
Innovation Management Assessment and Measurement For many businesses, creativity is the mystery and innovation is serendipity. In fact, innovation is how to transform novel ideas and achieve its business value. Due to the hyper-complexity of modern businesses, innovation is also about reducing the unnecessary business complexity to tackle the complexities of business dynamic. It can be managed in a structural way. If you can only manage what you measure, how to measure innovation effectively?
It Takes Innovation to Measure Innovation Performance Innovation is about making differentiation. Forward-looking companies will spend more resources on innovation investment and take a scientific approach to decode innovation serendipity. Innovation as a management process needs to be measured for making continuous improvement in order to reap the fruit for gaining long term advantage. Innovation measurement is challenging, it takes innovation to measure innovation performance.
Innovation Metrics and Measurement Innovation is not serendipity, it’s a managed process of transforming novel ideas to achieve their business value. You can only manage what you measure. Innovation is a management process which needs to be measured for making continuous improvement. Given the dynamic nature of digital organization and the complex mix of its resources and business factors, a well-defined set of innovation performance metrics need to be considered in better measures of innovation success such as revenue sustainability, customer satisfaction, knowledge accumulation, brand reputation or price elasticity, etc.
Innovation Measurement: How to Do it Right? Innovation is the light every organization must pursue now, but most of the innovation initiatives fail to achieve the expected result. Druck is credited as saying: “We can only manage what we measure.” What is stopping you from measuring top line impact from innovation, how much revenue is generated by innovations launched in the last 5 years? Are innovation failures caused by the time lag, inefficiency of financial systems? Is your innovation process not so clear with limited information on what has been done, or something else for ineffective innovation management, like a fuzzy or not well-communicated strategy goals? And innovation measurement, how to do it right?
The Organizational Innovation Scorecard The purpose of Innovation Management is to prepare everything to maximize the transformation of an idea to achieve its commercial value. Besides spotting individual innovators, organizations should also assess the overall innovation capability and capacity of the company, as well as their innovation performance. They can define some important factors to measure innovation score within a company and develop a comprehensive organizational innovation scorecard with the following characteristics.
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