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Innovation Performance and Tracking
KPI reporting in innovation labs is beneficial - the introduction and use of KPI reporting tailored to the lab demonstrably achieve a performance improvement. By aligning KPIs with the mandates and goals of the innovation department, the impact made is visibly demonstrated on a numerical-data-facts basis. This also aids in focusing daily work and boosts motivation among employees.
Additionally, weaknesses, process gaps, etc., can be clearly identified, which helps in recognizing optimization potentials and systematically improving performance. Through objectively demonstrable successes, the image of the innovation lab improves, positively affecting relationships with key internal stakeholders.
After the initial conceptualization and implementation effort, reportings can be created much faster and easier, enhancing communication and information exchange with stakeholders sustainably.
What Problem do We Solve?
Innovation departments initially generate a lot of hype, but this flattens out as time goes on. Measurable success must be demonstrated in order to continue to receive internal budget approval for innovation initiatives. Without measurable success, a negative image of innovation labs as "wasters of resources" builds up, which, for example, worsens or hinders the important collaboration with specialist departments. The key figures also help to focus on relevant innovation initiatives. This ensures that resources are allocated to the right projects, which can also increase success.
Overview Innovation Performance and Tracking
Clear control objectives are derived from the innovation targets, which help to make the performance of the innovation department measurable and provide levers to initiate measures that increase the success of the innovation department.
Innovation budgets are increasingly being reduced and the focus is on profitability. Here it is important to be able to demonstrate measurable successes that illustrate the added value. A process based on key figures helps to make the right decisions and ensure long-term innovation success:
- Align steering model with Lab vision, mission, goals and roadmap.
- Innovation Lab performance - if possible - clarified via one or a few central KPIs in the form of a score.
- Quick and easy report creation with the option of individual and automated configuration (e.g. changing time periods).
- Ensure the lowest possible administrative effort in data provision - if necessary with the help of digital collaboration tools.
- Use existing reporting tools to visualize the KPIs in the form of dashboards if necessary.
Innovation is not a matter of chance, but the outcome of clear structures and dynamic processes. With 'CDO Advisory', we combine these elements to transform your company's portfolio in a targeted and effective way.
Felix Hesse | CDO Advisory 4C GROUP
4C Study 2023: "Success Factors of Innovation Labs"
Initial observations and research from "lab practice" show that there are significant differences in key practices between innovation labs/digital hubs & co. The aim of the study was to work out which factors lead to increased chances of success in innovation labs.
Thank you for understanding that we can currently only offer our studies in german. For more information feel free to contact us directly.
Success Factors
- Roadmap & objectives must be clear, as only then can a management objective be formulated
- Beware of one-sided control motivation from management
- Start with fewer KPIs and then gradually expand - if necessary according to target prioritization
- Outline the decision tree and derive the KPIs that have a decisive impact on the lab goal
- Define ambitious & realistic targets - otherwise the control target will be missed and have the opposite effect
- Pay attention to data source / origin, timeliness and completeness
- Test and sharpen KPI dashboards several times before full rollout
- Promote "real" use via targeted measures and training during the rollout
4C Study 2023: Collaboration of Innovation Departments
Collaboration with Münster University of Applied Sciences on the following research question: How can a balance be achieved between the freedom and creativity of innovation departments and successful collaboration with specialist departments from the core business?
Thank you for understanding that we can currently only offer our studies in german. For more information feel free to contact us directly.
Our Approach
Management Objective
Derive clear control objectives for the innovation process from the innovation vision and roadmap and address all of the innovation department's tasks.
KPI Brainstorming
Collection of possible KPIs for the lab and joint evaluation and prioritization of the key performance indicators with assignment to control objectives
KPI Definition
Definition and description of key figures with control target, threshold and target values as well as graphic visualization using KPI profiles. Identification of data sources, suppliers and frequency of the KPIs.
Reporting Implementation
Development of a resource-efficient data provision concept based on the existing systems. Visualization of the reporting via mockups and testing with stakeholders as well as implementation of dashboards, e.g. via MS Power BI.
Client Testimonials
"4C GROUP and the digital business team around Felix Hesse supported us in developing new growth areas in the shortest possible time and preparing them "investor-friendly". What I really appreciate about the collaboration is their intuition for new technologies and trends as well as the derivation of customer-centric use cases, paired with pragmatic implementation competence - which is especially crucial for us as a startup. In addition, 4C acts as a strategic partner for us in the expansion of the API platform. Here we benefit greatly from their innovative character and implementation excellence in the corporate environment."
Werner Kräutlein, CEO and founder WechselGott GmbH
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