Enhance innovation with better measurement

Innovation is fundamentally different from other business functions. Measuring it requires a system designed specifically for that context. Improve the system, unlock value from your innovation / R&D investments.

A comprehensive measurement system includes metrics, benchmarks for comparison, communication practices, and the tools to support all of the above. It should be as innovative as the technologies, products, and services you’re creating. It’s working well when it enables confident decision-making at the project, portfolio, process, and organizational levels.

Why measuring innovation matters

It's never too early for metrics.

Even when executive sponsors give new innovation initiatives freedom from the formal accountability they’d normally place on more typical business operations, measurement is still important. Questions about “return on investment” will inevitably arise—the best innovation leaders are ahead of those questions, defining how they want their leadership to evaluate their success.

How we help improve your innovation measurement practices

Good innovation performance measurement requires careful design of a system to ensure it efficiently achieves its intended functions. Innovation measurement systems are often highly metric-driven; that is, they’re ad hoc collections of metrics including:

  • Metrics that have always been recorded—and no-one knows why.
  • Metrics the organization’s innovation management software collects—but may not actually be useful.
  • Metrics someone decided to adopt, based on a survey of common industry practices—but which may not be appropriate to the organization.

Commodore’s approach to innovation performance measurement starts with recognition that it requires a system. The design of that system starts with identifying its core functions and understanding your organization’s culture. The answers to those question define the other aspects of the system: the metrics you need, the norms you benchmark against, how you communicate, and the tools you need.

Measuring innovation performance requires a system

Our standard approach to designing and refining measurement systems is shown in the diagram. Sometimes our clients need more targeted assistance. In those cases, we also:

  • Audit existing measurement systems, dashboards, and metrics
  • Benchmark innovation performance against peers and competitors
  • Support better alignment and communication with leadership and other internal stakeholders, via coaching and educational workshops
  • Provide targeted troubleshooting for particular types of portfolios and projects, e.g., exploratory, Horizon 3.
How we help your organization enhance its innovation measurement practices

How are we different?