May 09 2011
Measure: A Guide to ROI for Innovation
How do you measure innovation performance and increase the confidence of credit union leaders making investments?
Read Measure: A Guide to ROI for Innovation!
In this third installment of Filene’s four-part Innovation Ed Series, we look at ways to measure innovation performance. In previous briefs Discover and Build, we have examined how innovation can be messy—innovation is both an art and science still under development, with companies and their leaders all at various stages of adoption. The measurement aspect is no exception. There isn’t a common understanding of how and what to measure, but there are plenty of pitfalls and opportunities to derail innovation efforts if measurement is not done right.
This publication will shine a positive light on innovation efforts and increase the confidence of credit union leadership in making these investments by utilizing the processes and tools in these articles. Consider using the Innovation Portfolio Metrics Worksheet provided for download. This worksheet can be used to assess the overall effectiveness of a credit union’s innovation efforts. The suggested metrics represent a balanced scorecard approach that looks at multiple performance measures versus stated goals.
Articles featured in this publication include:
- “How Can We Measure Innovation? A Freakonomics Quorum”
- “Innovation Killers: How Financial Tools Destroy Your Capacity to Do New Things”
- Innovation to the Core, Chapter 8
- “Is It Real? Can We Win? Is It Worth Doing? Managing Risk and Reward in an Innovation Portfolio”
- “Measuring the Black Box”
- “Metrics Madness”
Report Number 240