Only 32% of executives who claim to be satisfied with the innovation metrics they are using enabled them to use data for actionable purposes

McKinsey Quarterly October 2008

Innovation is essential for businesses to stay competitive, yet many organizations struggle to effectively measure and manage it. In a 2008 McKinsey Quarterly survey of executives, only 32% of respondents who claimed to be satisfied with their innovation metrics said those metrics enabled them to take actionable steps based on data. This suggests that many companies are not getting the full value out of their innovation efforts. To better understand and improve innovation management, businesses need to focus on three key areas: setting clear goals, tracking progress, and taking action.