Metrics are a combination of art and science. The trick is to inspire action around the goals you set.
There’s an elephant in the room when it comes to "innovation." And it’s an ironic elephant given that we're all so hooked on data analytics, a/b testing, and getting metrics for anything and everything. Yet we all throw around terms like creativity, breakthroughs, and disruptive innovation. Companies eat up this stuff—they're fully on board. Innovation is going to shape the future. Sure—if we track and shape it.
SOME MIGHT ARGUE THAT INNOVATION IS IMPOSSIBLE TO QUANTIFY. THEY'RE WRONG.
According to McKinsey, more than 70% of corporate leaders tout innovation as a top three business priority, but only 22% set innovation performance metrics.
The gap is problematic. Why aren't more companies measuring innovation? Because innovation is nebulous. Definitions differ. Expectations vary.
cwilliams's insight:
22% of companies utilize an innovation metric.
