Excel by choosing the right metrics
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 questions 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
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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