At a recent InnoLead event, a group of corporate innovation professionals tackled the topic of metrics by asking this question: How might we create a simplified scorecard that would produce a single score (similar to a Net Promoter Score) to capture how well they are doing?
This scorecard mixes what we call “activity metrics” (how many ideas are you collecting, how speedily are you prototyping and testing them), which show how busy you are working the process, and “impact metrics” (how many things get deployed or launched, and how much revenue do they generate), which show outcomes that may drive growth, efficiency, or competitiveness for your organization. The former are typically leading indicators, and the latter typically lagging indicators.
The spreadsheet below encourages you to focus in on the areas of measurement that matter most to your executive sponsors, and will help you assign a score to each of those areas. The goal is to use this scorecard to give you and your executive sponsors a sense for where you’re strong, and where there is room for improvement. The spreadsheet also gives you a single, unified score in the 0-10 range, similar to NPS, that you can track over time to show how you’re moving the needle.
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