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Data-Driven Innovation: How to Establish an Effective Metrics Framework

April 14, 2022

Innovation is big business. Whether it is R&D, talent, or physical infrastructure – see the numerous fancy “innovation centers” that are rolled out on a yearly basis – companies pour millions of dollars into their innovation efforts annually. But there is one key difference that separates innovation from every other department in an organization: metrics.

Innovation is the lifeblood of an organization and requires a huge amount of money and time to get right. The problem is that unlike sales, finance, or HR, where data is the “be-all and end-all,” very few innovation departments have any sort of a functional innovation measurement system.

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