Given the difficulties in developing and working with metrics and measures for open innovation and ecosystems, I have pulled together some inspiration and insights from several articles.
In this session of InnoView focusing on ‘Rewarding, Recognizing and Recruiting to Drive Innovation Development’ Anthony Ferrier, Innovation Author and CEO of Culturevate, and Shannon Lucas, Director of Innovation at Vodefone Global Enterprise look at how to measure the success of an innovation program. They discuss whether innovation leaders mistakenly rely on counting the number of activities, when what really matters is how these activities generate results that leadership cares about. How can you balance the focus on revenue and maintain the space to explore the next big idea?
Successful organizations know the significance of innovation in business. Apple is a good example of how effective innovation management can improve your products and scale up your business. After reaching on the brink of collapse, it achieved new heights of success by implementing effective innovation management policy. The success of its innovative management strategies once again brought it in the league of leading organizations. If you are an entrepreneur who wants to learn from innovative management strategies of successful organizations, consider the following thirteen strategies.
The 2015 Back End of Innovation (BEI) conference recently took place in San Jose, California, with 150+ leaders from a wide range of organizations. It was a busy few days, but as expected, there were robust conversations and some exceptional presentations.
The words evaluation and innovation are not often put together in one sentence. Most companies believe that measurement has a negative effect on creativity and innovation —it is seen as a control tool that harms, rather than supports, reflection and learning. While data is seen as a valuable source of discovering new trends and user needs, it is rarely used to measure internal innovation progress and capability. Because we see measurement as stifling innovation and creativity, companies rarely track the information needed to determine creative ability and innovation success. In fact, many organizations end up ignoring the issue all together.
The human body serves as the perfect metaphor for understanding the innovation challenge facing today’s organizations. The body is built to adapt and respond to demands that are placed upon it. The greater the demand, the stronger the response. If you and your organization are going to thrive in this world you must build and keep your innovation muscles strong. We know that only the fittest survive.
Many innovation leaders tend to be tactically driven, but their corporate leadership is looking for more strategic planning and analysis. This tension often contributes to high turnover in innovation management roles, based on a misalignment around leadership’s expectations. In this article Anthony Ferrier suggests perspectives and actions that should be considered part of your innovation strategy plan.
Innovation Assessment is one of the pillars of an innovation program. Evaluation should be done as an on-going activity and revised with the most valuable feedback gathered along the entire innovation journey. In the third of a series of articles focused on Innovation Culture, we are going to propose a different approach for Innovation Assessment that by offering a different user experience could increase awareness, engagement and elicit more valuable contributions from key stakeholders.
Turning ideas into numbers and knowing the characteristics of the Ideal Idea (0.00iur) is like having a compass and knowing the safe harbor where the minimal risks of innovation converge. Mathematically identifying desired ideas by users, extracted from simplified mathematical formulas, is the Holy Grail that eliminates uncertainties and passionate discussions, which are unhelpful in choosing ideas.
How does the new Readiness Assessment Tool help to generate more and better innovation, as well as faster and cheaper innovations that bring revenues? Apply the assessment tool to your own company to create a common understanding of what holistic innovation management means, to structure, analyze, and measure the innovation potential of your firm, identify areas of improvement, and ultimately to design and implement recommendations tailored to the unique position of the firm.
There are dozens of different metrics that you can apply to the innovation process. In this excerpt from The Innovation Master Plan, we look at the 12 that are useful to most organizations, as well as the entire set of 92 metrics.
Amy Radin became one of America’s first Chief Innovation Officers when Citigroup appointed her to the role in 2005. She is currently Chief Innovation officer at E*Trade Financial, the leading online discount stock brokerage. Amy talks to Innovation Management about what it takes to be a head up on innovation in a major corporation.
June 14, 2013 | By: Marc Erkens, Susanne Wosch, Dirk Luttgens and Frank Piller | In: Enabling Factors, Strategies
Thanks to loads of compelling research studies and best practice cases in open innovation (OI) carried out over the last decade, several companies nowadays begin to embrace and partially apply the new principles and methods OI offers. However, when managing open innovation at the project level, even experienced managers still go blank at the question: how to assess, control, and measure the performance of these activities? In this series of articles, we will address the above issue by discussing a general framework for an open innovation performance measurement system (Part 1). Given this framework, a metricsbased management toolkit will be presented that provides a suite of key performance indicators (KPIs) for a specific set of OI methods that demonstrates the key results of our Open Innovation KPI 2012 Study (Part 2).
Many activities in organizations that are considered innovative risk being missed if we solely use the standard toolkit to measure innovation. In this article we will look at three types of scales that measure intangible aspects of innovation that are easily added to the toolkit of any organization.
One of the most common questions people ask me is how I measure innovation when conducting my research. The question echoes an underlying concern about how innovation can be captured and adequately measured. In this article I delineate the most frequently used innovation indicators, their strengths, and their drawbacks.