The final responsibility of the Chief Innovation Officer is to define and monitor innovation metrics and measures. This goes beyond the reporting of business results outlined earlier in Responsibility #2 to the monitoring of a broad array of innovation health measures.
The innovation dashboard should incorporate those in-market business results measures, but should also track:
- Total expected commercial value of the innovation pipeline
- Innovation pipeline productivity and utilization measures
- Innovation cycle times by phase and project type
- Innovation portfolio mix, balance, and phase reports
- Project attrition and financial forecast degradation metrics
- Strategic alignment reports on budget, resources, and growth
The list of things to track can be overwhelmingly long and the monitoring process can be tedious. The responsibility of the Chief Innovation Officer is to build the monitoring framework, define the metrics, and begin the job of creating a living dashboard to measure the health of the innovation function.
It all comes back to improving business results and delivering organic growth from innovation, but we must also measure the inputs and monitor the process to ensure the innovation engine is tuned and poised to produce.