What are quantitative metrics?
Quantitative metrics are tangible, measurable metrics used for providing a numerical score to assess initiatives.
Why are quantitative metrics important in measuring innovation?
Innovation programs are quite often measured against core programs so the correct quantitative metrics provide a mechanism of progression for innovation programs.
Where are quantitative metrics usually used for corporate innovation?
Quantitative metrics usually apply to the mid to later stages of innovation initiatives (such as concept development, launch, and scaling) due to the ability to start tracking key business outcomes for early-stage ventures.
What are examples of quantitative metrics in corporate innovation?
Quantitative metrics used in corporate innovation vary by stage of development. The early stages of innovation should include metrics focused on testing and experimentation such as ideas generated, ideas killed, or experiments performed. The later stages of innovation begin to include more traditional business metrics such as revenue growth or market share.
How are quantitative metrics different from qualitative metrics?
Quantitative metrics are different from qualitative 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.