What are qualitative metrics?
Qualitative metrics provide insight into the more intangible or non-numerical measurement of an initiative.
Why are qualitative metrics important in measuring innovation?
Innovation requires many different measurements as there are always multiple objectives for corporate innovation. Quantitative business metrics cover the usual growth need long-term, but there are usually capability building and insight development aspects that are better measured by qualitative metrics.
Where are qualitative metrics usually used for corporate innovation?
Qualitative metrics are usually used in the earlier stages of innovation initiatives (such as research, ideation, and testing) due to the difficulty to hold innovation initiatives to traditional quantitative metrics.
What are examples of qualitative metrics in corporate innovation?
Qualitative metrics examples for innovation can include:
- innovation capabilities built in-house
- new insights or understanding
- market attractiveness learnings
- ability to successfully test markets
- customer trends identified,
- new technology discovery
How are qualitative metrics different from quantitative metrics?
Qualitative metrics are different from quantitative metrics and are not always binary in nature. Using the numeric aspect as the only filter between the two may cause people to think qualitative metrics are quantitative given that you can count anything. Quantitative metrics should be considered to be easily measured and directly related to key outcomes of the program or business.