OBSERVE & MEASURE
What gets measured gets done, in Robert’s Rules of Innovation OBSERVE AND MEASURE. Observation, measurement and tracking of new product development results are essential to optimal ROI. When creating innovation, it is vital to set metric goals and track these metrics. Observation and measurement – in terms of the performance of the program implementation needs to be built-in as a recurring element. Pick up a copy of Robert’s Rules of Innovation to discover the top five R&D metrics used by the industry and more.
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Innovation may be vital to creating competitive advantage. But how costly is ineffective innovation? That is, if a company sets out on a new product or service development initiative – and that effort fails along the way for whatever reason – what has been lost? Investments in time, effort, capital – even reputation?