Last year, one of the most popular topics at the annual Open Nation innovation conference was metrics. How do you measure your innovation capabilities? How do you track your results from established programs?
Measuring innovation is one of the most ambiguous tasks when engaging in innovation management. Because of the complex nature of innovation, finding the right metrics is far from being simple.
Strengthening Your Intra- and Inter-Department Partnership – The Welcome Side Effect of Design Thinking
Imagine a world where customer service, procurement, marketing, finance, operations, human resources, and sales can truly help each other and work together, instead of stepping on each others’ toes and pointing fingers. A world where all parts of the organizations work together with a shared sense of purpose, no matter how different their cultures, processes, and systems, have been in the past.
In an Innovation Point article, Founder Soren Kaplan notes that only one third of Fortune 1000 companies have defined innovation metrics. And yet 77% of business leaders see innovation as a priority. How is it possible that something that is so important to business leaders doesn’t have a defined set of KPIs?
The legacy approach to talent selection involves matching education, length of experience and functional skills to the role. All of this makes sense as a baseline, and for well-established professions. But, we argue, selecting talent for innovation requires a whole new approach. Companies must recognize specific innovation skills that drive business outcomes. Yet today, most lack the tools to do so.
A common misconception is that innovation can’t be taught. Similar to how some people believe that artists are born, not made – innovation has often seemed to be the purview of the great thinkers, the elite, people whose creativity is given, not a matter of practice…
Over recent years we have been tracking how companies identified as leading innovators subsequently perform in terms of growth in shareholder value. Linking innovation efficiency to out-performance against all major indices has proven the relationship that many across industry believe in and hope for: innovation pays. The latest round of analysis has just been completed and shows even greater performance than before.
Systematic Idea Generation and Organizational Capabilities for Front-End Innovation Performance in SMEs
This study seeks to answer two key questions about the front-end innovation: when do idea generation activities involving internal and external partner’s payoff, and which organizational capabilities support idea generation activities for achieving high front-end performance?
Everyone knows about ROI, as in “return on investment.” But for evaluating the success of an experiential brand event or marketing campaign, businesses should take an equally close look at ROI, as in “return on innovation.”
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.
This is the second part of a three-part article series. In the first part we illustrated that firms are investing heavily into the early phase of innovation. In this second part we show that despite of all these investments, innovation results remain disappointing. We call this the “corporate innovation problem”. We provide some metrics and find that there are two root causes. In the upcoming third part we will suggest that six levers can be used to address one of the root causes. We believe that moving these levers can provide a solution to the corporate innovation problem – and ultimately lead to increased innovation performance.
Innovation leaders today don’t have an easy job. Tasked with bringing Innovation to their organization, they often face a variety of interpretations of innovation throughout the organization, a lack of comprehensive understanding of what innovation really entails, and what it requires to truly embed innovation in a way that it sustains itself.
85% of UK workers believe the strategic objectives of their employers could more easily be met through innovative approaches. Fortunately, the innovation discussion in business is progressing. Yet although most organisations acknowledge the desperate need for change, they are still at a loss when it comes to taking action. Workforces are a goldmine for the insight needed to drive change in an increasingly competitive business environment - but this knowledge must be captured to unlock innovation.
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.