Are you trying to measure your organization’s innovation ability? If so, you’re not alone. Many companies are investing in innovation as a way to stay competitive and grow their business.
However, measuring innovation can be tricky, and it’s important to avoid some common mistakes.
Here are five mistakes to avoid when measuring innovation ability:
Measuring the wrong things
When measuring innovation, it’s easy to focus on tangible results, such as the number of new products or patents. However, it’s important to also measure the indirect consequences of innovation, such as its impact on job satisfaction, supplier relations, and knowledge in new areas. If you only measure tangible results, you may miss the bigger picture of how innovation is affecting your organization.
Not looking at the big picture
Many managers think they are supportive of innovation, but their behavior may suggest otherwise. To truly understand the level of support for innovation in your organization, you need to look at the underlying causes of behavior. This requires a more holistic approach to measuring innovation.
Measuring too much
While it’s important to measure innovation, too much measurement can be counterproductive. Culture is more about people and their behavior, and too much measurement can detract from the time and energy needed to create an innovative culture.
Not measuring the relative change
Benchmarking innovation across departments or organizations can be challenging because everyone has different reference points. Instead of focusing on absolute measures, it’s often better to measure relative change. This can provide a better indication of whether you are on the right track.
Not re-evaluating the measurement
Innovation is a dynamic process, and what works today may not work tomorrow. Therefore, it’s important to re-evaluate your measures of innovation ability on a regular basis. This will ensure that you are measuring what is truly important and can adjust your approach as needed.
In conclusion, measuring innovation ability requires careful consideration of what and how to measure. It’s important to avoid these common mistakes and instead focus on measuring what you can act on, the indirect effects of innovation, the underlying causes of behavior, relative change, and regularly re-evaluating your approach.
By doing so, you’ll be better equipped to build a culture of innovation that drives growth and success.