When it comes to innovation, traditional measurement indicators used by businesses are rarely useful, and are usually lagging indicators - such as the number of patents or ideas. Innovation, on the other hand, is forward looking, and indicators used to drive innovation initiatives are all but absent.
One of the biggest challenges for innovation teams is at the front end of the product development process, when decisions related to new business models, technology oppotunities and intellectual property rights must be made, often in the absence of concrete data. Some aspects of innovation capability can be measured directly, but others are "soft" issues that involve human judgment. In these cases, subjective evaluations must be made that incorporates both quantitative data and qualitative data collected from individual views.
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