I often talk with people who want to know if innovation within their business is working. There are plenty of useful metrics you can use, and you can make a real science out of it if you want to. But I think it is much easier to keep three concepts in mind:
How involved is the entire business in creating new ideas? You know you have a problem if:
Does the business produce numerous ideas, even if all aren’t fully developed? You know you have a problem in this area if:
Do ideas become useful products or produce cost savings and efficiencies? You know you have a problem in this area if:
When people wonder why their business isn’t developing new ideas, and they see other companies take the lead, it is often the case that at least one of the above is missing. Each is a sign of healthy innovation that can be used not only to benchmark how things are done, but as a quick diagnostic tool when things aren’t going to plan.