How do you measure innovation?
Innovation monitoring is the continuous measurement of a company’s current and future innovation performance. It provides an indicator of the future competitiveness of products or services and thus of a company as a whole.
Innovation controlling is part of the innovation management of a company and is usually based on key performance indicators in the innovation process. Key figures can also be developed for the innovation culture and the innovation capability of a company. They are continuously measured using idea management software and innovation management software. In our scientific whitepaper “Strengthening Innovation Capacity” you can find out which factors are relevant for monitoring the innovation capability of a company.
Key performance indicators in innovation controlling
Innovation controlling tracks the number of ideas received and their degree of maturity. These indicators provide an overview of the current status of idea generation and idea development through to monitoring the success of an innovation roadmap. To this end, various stages are defined within an innovation process that document the maturity level of an innovation project.
Innovation controlling has the task of continuously monitoring the extent to which search fields for innovation defined in the innovation strategy can be realized through a sufficient number of ideas and high-quality concepts. If, for example, a company pursues the strategy of launching new features on the market via product development and developing digital business models in parallel, innovation controlling monitors the extent to which both fields are continuously being driven forward. Without innovation controlling, companies might be faced with the situation that innovation fields are defined but their implementation is not continuously pursued.
Innovation Monitoring Software
The Innolytics Idea Management Software and Innovation Management Software provides analysis tools for measuring innovation. In Idea Management and Innovation Management the amount of submitted ideas and their progress can be monitored continuously. A chart of the innovation process is used to track the progress of ideas.
Other key figures are activity metrics. They provide insight into the number of employees in the company who enter ideas and collaborate on ideas, as well as the degree of their activity. By analyzing ideas, the most promising ones can be filtered out according to various criteria. If employees and experts have submitted evaluations of ideas, the ideas with the highest impact are shown. Factors such as polarization ( especially high approval and rejection ratings) are also presented.
The Innolytics® software enables companies to set up an innovation controlling system that is easy to manage.