McKinsey Quarterly (1/9) – A recent McKinsey Global Survey shows that companies are satisfied, overall, with their use of metrics to assess innovation portfolios—though many findings suggest that they shouldn’t be. The companies that get the highest returns from innovation do use metrics well; these organizations tend to assess innovation more comprehensively than the others.
Respondents say that their companies use about eight metrics, on average, to assess innovations. They cite three main reasons for doing so: to provide strategic direction for innovation activities, to guide the allocation of resources to innovation projects, and to diagnose and improve overall innovation performance.
Companies reporting the highest contribution to growth from their innovation projects tend to be more interested in pursuing and measuring their innovations as a portfolio and therefore use metrics across the whole innovation process. In the end, they are more satisfied than others with the ability of such metrics to help their organizations do everything from aligning individual performance incentives to improving innovation performance to communicating with investors.
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