Metrics are more than just after-the-fact measures of success. The right metrics are aligned with strategic goals and rewards systems. Metrics can drive innovation, or, to the contrary if poorly designed, actually hinder innovation. Just as your car engine monitors critical functioning, like gas consumption, oil pressure, and temperature, no Engine of Innovation is complete without a metrics model to monitor and adjust its performance.
Everyone in business wants their innovation to contribute substantially to their bottom line. While this contribution was very impactful to the best company’s bottom lines, they were not myopic in their measures. They set up a set of leading indicators that would measure those factors that would tell them the bottom line would be raised substantially.
- We have created a very powerful metrics model which will both focus and monitor the Engine of Innovation.
Innovation is risky business. Not all innovation is created equal. Much time, human energy, and money can be expended going down ratholes.
- Our Risk Analysis model will help determine and set parameters for managing risks.
Particularly in the Supply Chain and Outsourcing arena, there is far too much emphasis on price and cost cutting for those suppliers who are delivering strategically critical products, components, sub-systems, and services. The best companies recognized the unique differential between commodity vendors and strategic suppliers.
- We have developed and effectively tested a powerful EconoMetrics model and set of associated best practices for Supply Chain and Outsourcing that will transform a vital portion of these relationships into Engines of Innovation. Part of this model enables a shift in the currency from price to innovation.
The best companies made sure that people aligned their rewards with their metrics to prevent dysfunctional performance. This is much more important and much more complex than most people think.
- We have set of best practices that enable this alignment to occur with a much higher order of precision.
Continuous Improvement is a living ideal in the best companies. They put very effective, but simple diagnostics programs in place to monitor each of the innovation arrangements to ensure continuous improvement in the co-creative relationships which underpin their success.
The Engines of Innovation Program
will outline the criteria for success,
the key processes and practices, and
how to implement these best-in-class
EconoMetric tools and skill sets in your company