Innovation Scorecard: A Balanced Scorecard for Measuring the Value Added by Innovation
In the last few years, organizations were compelled to innovate just to stay competitive. However, the value added by that innovation is rarely measured. At the same time, the Balanced Scorecard (BSC) became popular as a tool to measure business performance. Unfortunately, the traditional BSC is not appropriate to measure the value added by innovation.
In this paper we propose an Innovation Scorecard based on innovation metrics and the traditional BSC in order to measure the value added by innovation and also guarantee the alignment with the organization strategic objectives. We are currently developing a pilot for a large industrial company that demonstrates how the proposal can be applied in practice.
KeywordsInnovation Project Harvard Business Review Strategic Objective Sustainable Competitive Advantage Balance Scorecard
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