There are many non-financial Key Performance Indicators (KPIs) that may be relevant to your business, below we have included some of the KPIs that are commonly used to track and monitor and control Technology and Innovation.
As with all KPIs and goals in general, ‘less is more’, so ideally you will select the handful of KPIs that are of greatest importance to the business to track and report on at top level management. The further down the organisation you go, some of the more granular KPIs are likely to be ideally for middle or junior level management and of course for staff on the ‘shop floor’.
The list below is not intended to be comprehensive; this is provided purely to help with the process of selecting those KPIs that are most relevant to your unique circumstances.
Definition: The number of research and development projects initiated and completed within a specific period.
Importance: Indicates the company’s commitment to innovation and staying ahead of technological trends.
Definition: The number of new products or processes in various stages of development.
Importance: Reflects the future growth potential and the continuous effort towards innovation.
Definition: The time taken from the initial concept to the launch of a new product or technology.
Importance: Shorter times to market can provide a competitive advantage and faster return on investment.
Definition: The rate at which new technologies are implemented within the company.
Importance: High adoption rates signify the company’s agility and openness to embracing new technologies.
Definition: The percentage of employees actively involved in innovation activities or idea generation.
Importance: Encourages a culture of innovation and harnesses diverse insights for improvement.
Definition: The percentage of new projects or innovations that meet predefined success criteria.
Importance: Measures the effectiveness and feasibility of innovation efforts.
Definition: The level of internal and external collaboration on innovation projects.
Importance: High collaboration can enhance creativity, resource sharing, and innovation outcomes.
Definition: The volume and quality of feedback from customers regarding new products or technologies.
Importance: Ensures that innovations meet market needs and expectations, improving market acceptance.
Definition: The extent to which new technologies are fully utilised in the production process.
Importance: Ensures that technological investments are leveraged to their full potential.
