Innovation_rockets ahead

How To Measure Innovation Part 2: Decision Making

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Last week we looked at the ideal numbers to track to ensure that the process of sourcing ideas for your idea management platform is as efficient as possible, and to enable you to track its progress effortlessly.

Innovation_rockets ahead

This week, we look towards the next stage of development, Decisioning. The Decisioning stage is crucial in developing great ideas for your company; you can have the most creative and innovative community there is, but if you don’t act on them correctly, it all goes to waste. Within this stage, you want to identify which ideas present enough possibility for success that they warrant further review, evaluate the community’s perspective on such ideas, and perform assessments quickly to ensure enthusiasm for such ideas remains high. Here we look at the metrics you can track to ensure that those in charge of your decision making are performing up to standards:

  1. Ratio of ideas chosen for next stage of review:

Simply, this is the number of ideas submitted for each campaign that are going to be moved to the next stage of reviews.  Work out the ratio of selected ideas to total ideas submitted and track it to see how it varies over time.

This is important, as it lets you track whether campaigns are generating the expected level of possibilities, and lets you highlight cases where a reviewer is potentially overly negative on ideas’ chances (too low or steadily declining ratio over time).

  1. Ratio of top 5 voted or most commented ideas that are selected for review:

How many of the ideas that were selected for review were amongst the most popular with the community? When the community is invited to comment and vote, they have a natural expectation that their interactions will be a part of the overall decision. Failure to do this on a regular basis can leave the community feeling that their input is unimportant, and reduce the enthusiasm to participate.

  1. Percentage of reviewed ideas sent back for a second draft:

Of the ideas selected to bring forward, how many of these ideas are sent back for further iteration or development? Ideas are rarely complete straight away, and often benefit from extra time spent in development. However, watch out for those who are too conservative when making decisions, as there’s no need to say no too quickly.

  1. Time to complete key decisions:

Start by measuring the time between selections of ideas for review and moving those selected ideas forward. Obviously take into account that the level of risk regarding ROI can make a big difference to this, but delays moving forward signify a lack of commitment in your community’s eyes.

  1. Ratio of reviewed ideas that make it through:

Moving ideas forward to a development stage is key to creating an innovative culture, and can be incredibly important to ensure that this is occurring as predicted. Declining ratios of successful ideas shows a break in the process, and needs to be addressed. Ideas that are brought forward should be celebrated and shared, as these can additionally act as positive PR pieces, ensuring the credibility of your innovation effort is maintained.

If you’d like any more information on how to set up and run decision making stages, or simply would like to learn more about the innovation process, check out our recent post on Parallel vs Phased Challenges, and the advantages that each brings.

You also might be interested in our upcoming report : Everyday Innovation. Working with industry experts, we aim to deconstruct what Innovation really means, and show you our own best practices, and how to stay ahead of the market through the power of innovation.

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