When you begin to build a culture of innovation, you’ll likely not see results immediately. Moving away from rigid processes and towards a culture of experimentation and exponential thinking takes time, and its success can't be measured right away. Plus, conventional metrics like sales numbers, revenue or billable hours will not be able to tell you whether or not your company is succeeding in terms of innovation.
Leave the Past in the Past
Interestingly enough, outdated metrics often hinder the growth of an innovation culture. If you tell employees they need to hit specific numbers to succeed or reach the next pay grade, they'll likely fall back to following traditional processes. It makes sense because it’s directly correlated to their compensation.
The Future of Innovation Metrics
The way forward is to focus on metrics that produce a company culture which encourages strategic innovation. My favourite is “shots taken” – the attempts made to implement new products, processes and strategies.
Past metric measurements foster a fear of failure in employees. New innovation metrics should promote a desire to try, regardless of the outcome. Measuring shots taken and documenting your learnings will encourage more experimentation.
The Positive Paradox of Implementing Innovation Metrics
Using new innovation metrics to measure success drives employees to develop an innovation mindset. Instead of encouraging a company culture that works to hit numbers, you're promoting one that works to produce positive change.