Definition
KPI Tracking is the process of defining, measuring, and monitoring key performance indicators (KPIs) to evaluate progress and impact within innovation initiatives. It ensures that innovation activities are aligned with strategic objectives and deliver measurable value over time.
Effective KPI tracking helps innovation teams stay focused on outcomes rather than just activity. It brings structure to Validation, enables informed decision-making, and provides a basis for adjusting direction when needed. By linking experiments and ideas to clear performance metrics, teams can demonstrate traction and reduce the risk of investing in the wrong initiatives.
Typical KPIs include engagement rates, idea quality, time to validation, scaling success, or business impact. During Scaling phases, financial KPIs like revenue growth, cost savings, or ROI become more prominent. What matters most is selecting KPIs that reflect both the maturity of the innovation and the intended outcome.
Modern innovation platforms and dashboards simplify KPI tracking by integrating data capture and visualization. However, culture plays an equal role — encouraging teams to embrace metrics not as control, but as learning tools that support agility and continuous improvement.
When embedded into innovation workflows, KPI tracking improves accountability, builds stakeholder confidence, and creates clarity across teams and leadership.
Relevant links and use cases
To set you off for a good start and ensure smooth communication, we have compiled a list of the most important innovation terms and definitions. Download the PDF presentation and share it with your organisation.
Ideation is the creative process of conceiving and shaping new ideas. It includes everything from the first thought or inspiration to the formulation of an idea. In the context of an innovation challenge, it refers to the initial phase in which ideas are submitted online and…
Idea management is the structured process of managing ideas from ideation through evaluation and refinement to selection. Many companies use an idea management platform to support this process (the Nosco platform is an example of this).
A call for ideas is an announcement used when an organization or person looks for ideas on a specific topic or project. In the field of innovation, it is used to describe the types of ideas welcome to an innovation challenge…
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