Innovation is the domain of every organisation. Organisations everywhere are investing in innovation but how many do you know that are actually measuring it? While the overwhelming majority of firms we have surveyed agree it is important to measure the impact of innovation efforts, very few have the tools or a plan to do so. Measuring innovation starts with understanding what organisational qualities allow innovation to thrive, and then assessing the extent to which your organisation has embraced them.
At The Strategy Group we have developed the Innovation Index as a solution to the innovation measurement gap. It is a diagnostic tool designed to assess innovation capabilities across any organisation. It is particularly useful as a measure of innovation across entire sectors by aggregating the scores of a representative sample of sector organisations.
The Innovation Index is unique. It is an Australian and global first in innovation metrics and is a leading rather than a lagging indicator of innovation. This means, we don’t assess your innovation capabilities based on things you have done in the past. We measure current and forward-looking innovation capabilities. This increases the relevance of the results for participants and executives. The Innovation Index also provides organisations with a clear framework to understand the capability areas that require greater focus in order to improve their innovation capability into the future.
The Index is underpinned by eight key vectors, that are critical to an environment conducive of innovation. The vectors are Internal and External Collaboration; Stakeholder Centricity; Innovation Focus; Organisational Velocity; Rewards and Recognition for Innovation; Openness of Culture and Vision; and Technology.
The eight vectors are underpinned by statements that respondents are asked to agree or disagree with on a sliding scale. Additional industry or organisational relevant questions are also incorporated to contextualise the overall results. The individual responses are then aggregated to produce an aggregate organisation-level score against each vector, and then a set of industry-level means against the eight core capabilities.
Contact us today to learn more about how the Innovation Index can be deployed in your organisation or industry to remain at the leading edge of innovation in Australia and beyond.