Excel by choosing the right metrics

Excel by Choosing the Right Metrics

Reading time – 2 minutes

Following our article on The Complete Guide to Measuring Innovation, we would like to help you choose the best metrics for your specific needs. We kept it short this time.

Since our goal is to measure everything we do to improve, and since there are many different metrics you can focus on, start by asking yourself two simple questions:

  • What's, is your final goal for the innovation process/team?
  • Is the data accessible? Is there ease of collection and use?

You can always ask more question and get more complicated. Just be sure that the answers are such that will contribute to your decision making and make sure you can establish meaningful targets (and thresholds) for each measure?

Start small and grow

Start by focusing on a few metrics at a time. You can always add new ones. Measuring many parameters can be overwhelming as most of us aren’t capable of thinking about numerous things at once. The human brain gets distracted easily, and if you’re forced to think about tons of different metrics, you’re likely to get confused and miss the things that are really important and can provide you with real value.

Prioritize

Once you have a list of metrics, start prioritizing them. Remember to include both input and output metrics. We recommend that you’ll set a meeting with the relevant staff and vote on what to keep, looking at your end goal. Keep in mind the following:

  • Which metrics have the strongest correlation or contribution to your goals?
  • Over which measures do you have the most influence?
  • Which measures capture desired behavior changes?

Keep it measurable

Metrics that you can’t measure are not metrics. It will only frustrate you to collect the data, set charts and dashboards and have not real business outputs as a result. You need to be able to set goals and be able to measure results.

Got question? Need help deciding? Let's talk.

We would be happy to assist over a short phone call or dedicated workshop.

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