Innovation Measures Up
Innovation: a word that is loosely thrown around these days. Creatives want to do it. Business wants a piece of it. But how effective is the push to innovate when there are no real measures of its rewards? The Boston Consulting Group has attempted to answer this question with its report Measuring Innovation 2008: Squandered Opportunities, a survey of innovation and its effects, and the dire consequences of the businesses that fail to use it. In their words:
Companies undermeasure, measure the wrong things, or, in some cases, don't measure at all, because they are under the mistaken impression that innovation is somehow different from other business processes and can't or shouldn't be measured. The potential cost of this error – in terms of poorly allocated resources, squandered opportunities, and bad decision making generally – is substantial.