Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
'Innovation' refers to doing something in a manner that was never done before. In other words, 'changing for better' is what best describes this phenomenon. Though change is an inevitable aspect of life, it becomes all the more important when it comes to organizational growth. This is because only if the company provides something new and better to its customers that it stands chances of being in their eyes.
However, the level of innovation that is required in a given sector varies significantly as an automobile industry player would be more towards such improvisations than an FMCG sector survivor. Similarly, pharmaceutical industry player will have complete R&D departments running for this purpose.
These acts of creation and development that aim at improvement of existing entities are the main drivers of growth and firms spend huge amounts of resources to keep up with the dynamic surroundings.
Summing it all in one go, innovations are a means to adapt to the changing internal and external environments.
One can count these aspects and efforts by structuring a balanced scorecard for this purpose. The KPIs (Key Performance Indicators) serve the purpose of assigning values to aspects that matter.
This is the actual scorecard with Innovations Indicators and performance indicators. The performance indicators include: financial perspective, finances saved with innovations, finances spent on new innovations, percentage of innovations for customer use, internal processes perspective, [hours] saved with innovations, satisfaction with innovations, problems solved with innovated processes, hours spent developing new innovations, education and growth perspective, time [hours] reserved for innovations training, courses taken for innovation training, implementation cycle.
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