Innovation metrics have been a popular conversation topic for awhile, but before I get into what to measure and why, I want to link back to Jesse’s post from last week. Jesse said that the most important thing to do is start, so if not having metrics is your excuse not to start, please click here and read his post first and get started.
Here are 8 metrics I use to predict innovation success in order from most significant to least.
- Strategic Priority. Are you pointed in the right direction?
- Pipeline Value. Simply a sum of all the active innovation projects for each strategy. Tells you the what the current ideas could be worth.
- Innovation Sessions. Number of “events” where people gathered to create ideas to further the strategic priority. Tells you if there is or has been an effort to fill the pipeline with projects.
- Learning Cycles. A sum of cycles for active projects. Tells you if projects have activity and are moving forward.
- Collaboration Posts. Tells you if people are working together, problem solving using stimulus and diversity.
- Quantitative Research. Tells you if teams are testing ideas. Research weeds out and improves ideas.
- Education. This metric is the percentage that have some innovation training. Tells you if your team knows your system and are likely to follow it.
- Patents. Can be patents filed or even just drafts started. Tells you if the ideas are meaningfully unique.
The key to driving all these metrics is having systems. Systems for creating strategy. Systems for managing ideas in the pipeline. Systems for moving ideas forward. Systems to learn, collaborate, research and draft patents.
All the data used to calculate significant metrics is from Innovation Engineering Labs where we have over $11.4 billion worth of innovation in active development and digital systems for pipeline management, collaboration, research, patents and education.