When it comes to Key Performance Indicators (KPIs) for innovation, there are four that tend to be the most prevalent—financial returns, portfolio health, productivity and diversity of innovation activities.
While the first three measures always seem to be top of mind, many teams spend less time evaluating their mix of innovation-related activities—often simply settling on one approach (ideation session, innovation sprint, etc.) that best fits with achieving an immediate goal. But it doesn’t have to be that way.
One of the easiest and most effective approaches to diversifying your mix of innovation activities is to implement a digital continuous innovation program. Online co-creation platforms like Seed’s Dream Up tool can facilitate a non-stop stream of new ideas—connecting team members or consumers without incurring travel costs, improving the relevance and timeliness of concepts, and providing an efficient process for collection, optimization and evaluation.
Continuous innovation platforms can come with many features and prices. Based on your innovation needs and where you are in your journey, you will want to consider whether to sign up for a comprehensive subscription or execute individual challenges, one-at-a-time throughout the year. Digital innovation environments like Dream Up offer innovation challenge templates that are perfect for inspiring teams on a range of current topics, as well as custom-crafted challenges that are guaranteed to focus your team or consumers on the specific solutions you are looking to create.
Contact Sean Smyth to learn more about how Dream Up can help you diversify your innovation methods and build a culture of continuous innovation.
Edited by Adam Siegel. In addition to being the Editor of The Accelerator, Adam is a Creative Director at Seed Strategy where he draws upon his diverse experience in advertising, research and innovation to craft breakthrough creative and winning concept copy.