STEM Foundation

R&D Investment is not the only metric for measuring Innovation performance

Innovation performance is still often discussed in terms of investment in R&D (input rather than output).

Outputs are expressed in terms of cases and exemplars of innovation, with little discussion of ROI.

The OECD methodology for monitoring the development of intangible assets perhaps gives a better view of the current innovation health of the nation, while benchmarking of innovation performance through international indices is useful as a comparison.

However, despite a plethora of metrics, few companies currently appear to evaluate their innovation performance as a matter of course. It may be that they are not aware of metrics they could use, that the metrics that are available are hard to measure, or that organisations find existing metrics of little value.

Companies need to be convinced of the benefits of evaluating innovation performance and understand the potential this provides to improve and develop their systems.

There is clearly also a need to further explore ways in which the impact of innovative activity is evaluated in terms of social and economic benefits.

 

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