Innovation is a mandate in nearly every industry, and with billions being spent on R&D each year, the pressure is on to prove that the investments are having an effect despite the difficulty of finding meaningful metrics. Methods of obtaining metrics are in fact available, each of which has its strengths and weaknesses. The metrics can come from existing information systems or can be developed by specialized software that collects new data. The real challenge is not in getting the number but in thinking through which ones are true indicators of innovation.
Portfolio value is one such measurement, and Sopheon customer Parker Hannifan’s achievements in increasing portfolio value as a result of implementing the Accolade project and portfolio management and optimization software was recognized in this KMWorld article.