Measuring Innovation: Challenges and Best Practices
Innovation is very important in current scenario. There is a requirement to calculate the innovation in order to handle it effectively and efficiently. However, calculation of innovation has turned out to be exigent. To survive in current competitive environment every organization needs to do innovation in their product and service. Based on review of literature, organisations policies, expert’s knowledge and data collection findings, this paper gives a bigger picture of challenges and best practices in measuring innovation. After looking at key challenges, the use of an innovation control panel is suggested. The control panel should include a set of measurements in each of the three groups of inputs, process and outputs of innovation. Metrics for each of the groups are detailed in the later chapters.