71% of executives claim to be satisfied with the innovation metrics they are using

McKinsey Quarterly October 2008

Innovation is more critical than ever before. Companies must constantly strive to create new products and services to stay ahead of the competition. However, measuring innovation can be difficult. What metrics should be used? How can you tell if your company is genuinely being innovative? A recent survey of executives found that 71% are satisfied with the innovation metrics; this suggests that companies are making progress in their efforts to quantify innovation. However, there is still room for improvement. In particular, executives would like to see more data on the financial impact of innovation and the customer reaction to new products and services. By collecting and analysing this type of information, companies can better understand their innovation efforts and ensure that they positively impact the bottom line.