In this third installment of Filene’s four-part Innovation Ed Series, we look at ways to measure innovation performance. In previous briefs Discover and Build, we have examined how innovation can be messy—innovation is both an art and science still under development, with companies and their leaders all at various stages of adoption. The measurement aspect is no exception. There isn’t a common understanding of how and what to measure, but there are plenty of pitfalls and opportunities to derail innovation efforts if measurement is not done right.
What is the research about?
This publication will shine a positive light on innovation efforts and increase the confidence of credit union leadership in making these investments by utilizing the processes and tools in these articles. Consider using the Innovation Portfolio Metrics Worksheet provided for download. This worksheet can be used to assess the overall effectiveness of a credit union’s innovation efforts. The suggested metrics represent a balanced scorecard approach that looks at multiple performance measures versus stated goals.
What are the credit union implications?
The Department of Commerce reports that “the United States today is more than 75% wealthier in terms of real GDP (gross domestic product) per capita than it was 30 years ago, which is largely attributable to productivity gains driven, in large part, by innovation.” Credit unions, with an improved, systematic approach to innovation that includes solid metrics, can help fuel continued growth to the great benefit of their membership and the communities they serve.