The Corporate Innovation Function is pointless without due timely measurements. Thus metrics have been derived for each function of business so that accurate trend analysis may be conducted. Management consulting giant McKinsey has segmented This funnel into three horizons. The 1^st Horizon consists of mature products, Horizon 2 about the ones displaying growth projections and finally Horizon 3 touches those at incubation stage. Operations metrics include the number of challenges organized for innovation. It also includes number and duration of corporate training workshops organized. There exist some training and engagement metrics as well such as number of employees attending such workshops and the subsequent percentage submitting innovative ideas. It also includes Innovation programmes that alumni get involved in. There are also funnel management metrics which can further be subdivided into ideation, validation and launch. Ideation simply segregates the number of ideas submitted on top or boot of funnel. Validation involves methods to book progress. It includes number of interviews conducted, type of experiments run, demos performed and quantity of pre-product sign-ups. Finally for launch important metrics are per day customer acquisition and active users’ growth trends. Repeat users also need to be tracked.

Source:http://innovationexcellence.com/blog/2017/03/03/innovation-metrics-in-outcome-based-culture/

Uploaded Date: 13th May 2017