From the course: Balancing Innovation and Risk
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Measure innovation when it counts
From the course: Balancing Innovation and Risk
Measure innovation when it counts
- How accurate are your innovation metrics? Many companies are obsessed with backend metrics like customer satisfaction, and revenue growth. Those are important, but they're also lagging metrics. If your project results aren't what you'd hoped, lagging metrics can't diagnose what went wrong. Plus, when you're focused on tracking past activity, you can't predict or influence obstacles in the present tense. Now to help leaders establish a mix of both leading and lagging metrics, apply a tool called innovation metrics for success. It enables you to quantify your innovation activity from beginning to end. We divide the measurable activity into three categories affectionately called the I DO metrics. The first category is I, which stands for input or what you put into your innovation effort. Input metrics are considered to be leading metrics, which give you a real-time snapshot of innovation. When appliance maker, Whirlpool,…
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