Innovation management becomes more confident and accurately judges the upcoming curves and obstacles on the path.
Innovation has a considerably very low success rate because it’s risky and there is no “one size fits all” formula to do innovation. With a balanced scorecard, the management can become more confident and accurately judge the coming curves and obstacles on the path, facilitate information based communication, get into actions in a creative, positive and proactive way,
A “balanced” view of tradeoff variables: The scorecard contains a good mix of the outcome measure of long-term strategic value along with the operational progress in the mid or short term. It provides a balanced view of tradeoff, matching priorities and resources to ensure that management can see and agree on what has been done and what should be done next. A balanced scorecard is also the presentation of a mixture of financial and non-financial measures to a target value within a single concise report, helping the management understand results, setting metrics, fixing plans, and making decisions to improve innovation success rate.
An information-based story: The key variable in actively using a Balanced Scorecard is always the attitude and culture of the organizations, and leadership discipline. A balanced scorecard is very useful for facilitating discussions, telling a data based, persuasive, comprehensive, and powerful story about how well you implement innovation, sharing the important measurement data of all the relevant areas of innovation performance. The information or metrics supporting the story need to be reliable, get the management to sit down and connect cross-disciplinary innovation management dots to tell the full story with the business context.
A holistic picture on how to fix critical issues creatively and make a leap of innovation: A balanced scorecard approach defines the right set of measures which should cover all areas that contribute to business value creation, provides a holistic view of how smoothly you manage changes; how boldly you manage innovation, ensuring decision makers understand and making the overall strategic balance, setting the right priority, and focusing on fixing critical issues creatively. A balanced innovation scorecard provides a visualized view about how assets are being employed; how to cut cycle time, improve quality and develop innovative products and services, and also visualize the multifaceted business value that a corporation needs to realize.
Innovation management becomes more confident and accurately judges the upcoming curves and obstacles on the path. With the support of measurement and a well-designed scorecard, the management can clearly evaluate each stage of innovation, and point out clearly wherein the business gets the benefit of taking up the activities so far to form a stepping stone for catalyzing innovation and improving the innovation success rate significantly.