Measuring innovation using key performance indicators

Abstract

When undertaking innovation, developing Key Performance Indicators/KPIs represents an important tool for insuring that all process objectives are met. To this end, a specific methodology is required in order to identify not only meaningful indicators, but also other support elements. Such tool allows innovative SMEs (Small and Medium Enterprises) to enhance their decision making by accurately measuring innovation process performance and by optimizing their process. Present paper aims to establish the main requirements for developing meaningful KPIs in order to effectively measure innovation. As such, a case study is presented emphasizing the importance of correlating specific objectives, related results and key performance indicators. The need for establishing and using a common language for the innovation process is also emphasized. Standard language Business Process Model and Notation (BPMN) was employed to enhance process communication between users.

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