Research and development is all about generating new products and innovations. This function feeds directly into product development, but can also feed operational improvements. Measurements like the number of trials conducted, number of tests run, size of the innovation pipeline, and timeliness and cost for ideas to get to production, help you assess how effective your R&D organization is.
- Every company needs new products and new innovations.…Research and development is about generating new products…and innovations in a quick and cost-effective way.…R&D feeds product development and operational…improvements.…This function generally sits in the technology portion…of the value chain.…For growth-related R&D measures, consider tracking…the following.…The number of trials or tests conducted will tell you…how efficiently your team is generating ideas…to take to market.…
The size of the innovation pipeline measures how well your…team is generating new ideas and capturing ideas…from other areas of the company.…The idea portfolio mix helps you see where R&D is placing…bets by product, geography, market segment, and other…critical ways that you run your business.…That's about making sure your risk is balanced.…I worked with a large global R&D function at one point…and they tracked all of these measures.…
They looked at the number of trials they were running…every single year, and was that number going up,…
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- List the main purposes of measurement.
- Define value chain.
- Compare and contrast qualitative and quantitative measurements.
- Identify common measurement reporting tools.
- Describe how to measure R&D innovation and product development performance.
- List good measurements of strategic planning, financial planning, and legal performance.
- Explain measurement processes and best practices.