Measure and track the impact of your innovation efforts from "summary" of Innovating Innovation by David Morey
To truly understand the effectiveness of your innovation efforts, it is crucial to establish a system for measuring and tracking their impact. This involves setting clear goals and objectives from the outset, so that you have a benchmark against which to compare your progress. By defining specific metrics and key performance indicators (KPIs) related to your innovation initiatives, you can ensure that you are able to accurately assess their success. In addition to determining what to measure, it is important to also consider how you will track these metrics over time. This may involve implementing a system for collecting data on a regular basis, analyzing the results, and making adjustments as needed. By establishing a feedback loop that allows you to continuously monitor and evaluate the impact of your innovation efforts, you can ensure that you are able to stay on track and make informed decisions moving forward. Furthermore, by measuring and tracking the impact of your innovation efforts, you can also demonstrate the value of your work to key stakeholders within your organization. This data can provide concrete evidence of the benefits of investing in innovation, helping to secure buy-in and support for future initiatives. By presenting clear and compelling evidence of the impact of your innovation efforts, you can build credibility and trust with decision-makers, making it easier to secure resources and funding for future projects.- By measuring and tracking the impact of your innovation efforts, you can ensure that you are able to make informed decisions, demonstrate the value of your work, and secure support for future initiatives. By establishing a systematic approach to monitoring and evaluating the success of your innovation initiatives, you can position yourself for long-term success and drive meaningful change within your organization.
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