{"id":14299,"date":"2019-11-26T00:00:00","date_gmt":"2019-11-26T00:00:00","guid":{"rendered":"https:\/\/blog.planview.com\/3-tips-for-measuring-the-impact-of-your-innovation-platform\/"},"modified":"2019-11-26T00:00:00","modified_gmt":"2019-11-26T00:00:00","slug":"3-tips-for-measuring-the-impact-of-your-innovation-platform","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/3-tips-for-measuring-the-impact-of-your-innovation-platform\/","title":{"rendered":"3 Tips for Measuring the Impact of Your Innovation Platform"},"content":{"rendered":"
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From aerospace to retail, every industry is impacted by disruption, whether it’s from new technologies, new customer experiences, or even new business models. Many companies have responded to these threats by reinventing themselves—often from the inside out. When the metamorphosis includes an innovation platform, leaders are typically left to determine not only how to leverage the solution, but also how to measure its impact.<\/p>\n

“Crowdsourced innovation” —the process of inspiring, collecting, and accelerating ideas from the “crowd,” such as your employees, partners, and customers, at scale—has proven to be incredibly effective. But crowdsourcing is a business discipline that must be managed and measured, or it will not withstand the competitive pressure for resources and continued investment. So, what should organizations be measuring to demonstrate that innovation is an essential activity to achieve their business objectives?<\/p>\n

Assess direct financial value<\/strong><\/p>\n

The first consideration should be direct financial value. This could include breakthrough ideas brought to market, or reduced costs. Being able to tie your innovation platform back to the financial impact on the organization is critical to help justify and secure investment from senior stakeholders who want to understand direct results tied to the bottom line. Planview Planview IdeaPlace’s recent 2019 State of Crowdsourced Innovation Report<\/a> identified that nearly two thirds (66%) of organizations cite lack of measurable results as the biggest risk to program success, underlining the importance of demonstrating this value back to the business.<\/p>\n

From the start, program managers should be thinking about direct financial value. Although financial value can be tough to measure in the early days, it’s important to set goals, commit to reporting on those goals, and put processes in place to be able to do so when you reach that point in time. When it comes to measuring direct financial value, start by asking yourself:<\/p>\n