Managing and Measuring Innovation Performance

This report discusses the importance of managing and measuring innovation performance. It explores different models and metrics for measuring innovation and provides examples of innovation in various industries. The report also explains the analytical approach to innovation and its impact on business development. It highlights the significance of innovation in technology and its role in enhancing management practices. The report is relevant for students studying innovation management and business development.

Innovation
Management

TABLE OF CONTENT
Proposal......................................................................................................................................3
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................4
Importance of Managing & Measuring Innovation Performance.........................................4
Analytical approach................................................................................................................5
Models of innovation..............................................................................................................7
Models and metrics for measuring innovation.......................................................................8
Finding and critical evaluation...............................................................................................9
Conclusion and Recommendation........................................................................................11
REFERENCES.........................................................................................................................14

Proposal
The report will be explaining managing and measuring innovation performance as the
proposed managing innovation and technology transfer theme which is emerging as one of
the most important business development progression scenario within global competitive
world. The theme within the report shall discuss importance of commercial innovation
within business avenues, relative goals development and higher keen synergy of leveraging
new innovative models. Innovation within new technology holds wide importance within
companies where there are various metrics which shall be taken care of while analysing
future outcomes, investments which shall be undergone and how new competitive targets can
be attained within future. The report will be addressing in detail importance of innovation and
technology, maintaining and monitoring its evaluation within management development
with explanation of analytical approach where analysis driven innovation is explained. Report
will be explaining also in detail how this them critically examines managing innovation and
technology transfer theme within business practices in companies and how development is
enhanced by working towards it (Ganda, 2019). Report shall also examines various examples
of how commercially innovation is monitored within business development within
companies for gaining stronger place within business industry and foe viable commercial
networking. There will be use of innovation models and analysis onto how various
functional advancement can be enhanced within businesses for stronger profitability, higher
synergy of goals and new end wider relative technology infusion where all companies are
focusing ahead. There will be development analysis of various commercial examples within
business industry where commercial innovation is critically progressively focused for gaining
higher consumer goodwill, news synergy of profitability and wider consumer goodwill
metrics.
INTRODUCTION
Managing innovation can be understood as combination of management within
innovation procedures, change management fundamentals for technical advancement and
functional efficiency development onto new paradigms where companies are focusing ahead.
The report shall be discussing product,business process innovation along with marketing and
organisational innovation where companies are widely focusing for gaining stronger
competitive synergy within global industry. Report explains managing and measuring
innovation models and approaches used within new framework for gaining stronger factors

analysis where all functional synergy factors are progressively working ahead. Report brings
forward metrics used by best companies with examples for monitoring their innovation
business models within businesses and how various diverse actions have been taken place
globally for functional analysis onto wider segments for new reflective innovation.
TASK 1
Importance of Managing & Measuring Innovation Performance
The importance of theme selected which is importance of managing and measuring
innovation performance can be understood as it has been one of the most rapidly developing
aspect within business world where business industries are widely moving ahead for gaining
stronger advancement and new functional strength within wider communication
fundamentals. Innovation has taken world onto a transformational journey for gaining new
reflective synergy within wider goals where supply chain and production determinants are
widely focused onto innovation, creative factorisation of new techniques.
 Innovation within performance and measurement holds vital importance within retail
industry where there are various new brands, companies expanding their functional
synergy with new relative commercial innovation business techniques for
commercially gaining wider profits. UK economy has been widely growing with new
technical progression working aspect and for relatively growing within new
consumer preferences where wider expansion opportunities are present, new quest for
higher yielding synergy and for gaining new functional exposure within global
networks (Tan, Wang and Li, 2020)
 Managing and monitoring of innovation performance holds wide focus and new
reflective strength where there are various progressive business opportunities for
companies to work for wider investment fundamentals, leveraging new scale
marketing and promotional synergy to reach onto wider scale of consumer segments.
There has been wide progression and models inclusion included within companies for
factoring innovation, monitoring new techniques for advanced implementation of
innovation within technology where there is wider scope for customers to avail higher
goodwill and business opportunities.
 Retail industry being the most actively growing business sector within UK has been
continuously aiming to work onto new innovation marketing, production working

synergy and wider communication parameters where business scope is also expanded.
Development of innovation is also potentially enhanced onto new paradigms when
employees within companies are highly trained , working with advanced skills and
potentialities for bringing on new synergy of wider reflective progression onto new
arenas (Vish Krishnan, Mnyshenko and Shin,2019)
Analytical approach
Analysis driven innovation is one of the most advanced systematic way from
competitive development of market paradigms where this analytical approach has been
working into new progression goals for enhanced business development, higher profits and
consumers services with wider technical advancement (Koivula, Villi and Sivunen, 2020)
Analysis driven innovation can be understood as systematic way controlling of various
projects which will be initiated within future in company and how are development works
moving ahead onto typical goals for bringing on wider productive e goals expansion
commercially. Thus process also typically takes one to five years and is focused with
strategic management within company for reaching onto continuous development new
synergy of favoured goals and also for working on with new innovation. Products with long
life cycles such as automotive manufacturers and software procedures are focused onto
developing innovation within business marketing synergy world where there are rapid
innovation worked on. Analysis driven innovation fuels new creative working technical
progression where companies are able to competitively move forward within innovation
business demands where there is new demands for gaining wider customers segments and
also for gaining continuous efficiency. Analytical approach profoundly works onto wider
goals where management innovation shall be worked onto for growing within new
fundamental paradigms and also for higher profitability metrics (Pozo, Akabane and
Tachizava, 2019)
For managing innovation there are 5 key considerations under this approach where
model actively focuses onto actively discussing wider technical efficiency, leveraging new
methods and also productively working towards customer preferences where innovation is
widely demanded.
 Strategy: Tesco is one of the best company within UK retail industry who is moving
ahead within use of innovation and wider technical strategy development where
planning within management for resourcing resources are widely focused with new

yielding synergy of progression. At this step of strategy formulation wide focus is also
governed to how new resources shall be brought under company and sourced with
innovation techniques for connecting onto higher goals. Strategy formulation also
actively focuses to bring on wider focus onto how new working resources shall be
brought on production and marketing management for strengthening the yielding
synergy of innovation, technology adoption and for yielding onto best services
(Demirdöğen. and Işik, 2019)
 Leadership: Tesco for developing innovation business strategies and functional
advancement leadership is highly important and is used for planning implementation
of various new resources, training all management with new relative training for
higher quality results and outputs. Leadership is enhanced when goals within
company are strongly focused with dynamic factors for productively training all
management for functioning rightly onto best synergy paradigms.
 Room to innovate: At this step tesco for developing innovation has to focus onto
developing room for innovation where brainstorming is widely done for gaining onto
results where all strategies are actively discussed to reach onto decisions which shall
be implemented within company. Room to innovate is highly positive step where
companies get to evolve onto new space with best technology metrics, higher
functional relative advancement and for technically reaching higher avenues
competitively. This is an incremental step where company productively focuses for
reaching stronger profits within revenue and also to enhance the quest with which
output is keenly enabled
 Involvement: At this step active involvement among departments of company is
exercised by Tesco where all employees and management are engaged within
innovation procedure, keenly upgrading people skills with training, new functional
horizons are worked on. It makes sure that relative goals are achieved within company
for technically developing onto wider metrics, potentially also training with new
skills, resources and also for developing new levels of synergy (Heiden and Peters,
2020)
 Implementation: At this last step for implementation of new innovation within
company production, marketing procedures all decisions shall be implemented among
various stability factors for gaining stronger functional synergy of actions, higher
profitability within outputs. This step is highly important for gaining onto latest
innovation metrics with continuous efficiency and wider goals where active functional

advancement can be reached. At this step there is wide focus also given to factoring
growth opportunities within future business scenario for competitively growth.
Models of innovation
 Disruptive innovation: This is one of the most effective model of innovation which
refers to evolution of new functional concept, higher innovative products , services
that creates completely new market business opportunities within company
performance avenues. Disruptive innovation has been newly widely used by Tesco
and many top companies within UK business industry where there are wide business
enhancement strategies for satisfying new consumer market segments. This gives
wide space for new machinery development who have become less competent and
also there are wider technical opportunities appealing to new demands of market
strength.
 Incremental innovation: This is also another innovation management model within
business scenario where incrementally there are various new measures, techniques
worked on for gaining wider synergy onto new resources for active innovation. This
model positively manages and enhances creativity of various resources within
business scenario for technically progressively building on scope for leveraging new
scope of higher synergy of development within new profitability goals. Incremental
innovation also potentially evolve use of old techniques which are worked on with
new functional advancement and higher synergy onto wider goals (Alexander and Joe,
2019)
Innovation matrix can be understood within functional explanation of three fundamentals
where companies within industry are focusing for integration of best steps for gaining
onto higher competitive aspects and wider profitability goals.
 Business innovation: The business innovation is all about developing new ability
and creativity to rethink the existing business functions and finding wider revenue
streams, maintaining competitive advantage levels and for establishing metrics
through which value is generated. It focuses onto yielding factors of new scale model
within functional horizons by yielding new scale management innovation and wider
business goals onto new functional steps. Business innovation shapes company
goodwill onto wider factors of diversity with new synergy of goal accomplishment,
productive regaining strength.

 Technology innovation: This model focuses onto generating new ideas based on
technology, capability metrics and knowledge for functioning new solutions and
viable business scenario where there are new solutions focused on. Managing
technology innovation opens up paths for various new relative goals , scope for
entering onto new domains and functional horizons for wider connectivity and
consumer goodwill strength.
 Marketing innovation: This model can be understood by launching of new
technology products and business functional paradigms where companies are using
innovative digital place marketing for reaching out to various consumer segments.
Marketing innovation evolves onto wider pathways for promoting of innovation new
relative goals and for gaining presence within wider innovation scope fundamentals
for yielding competitively among industry companies. This has actively shaped
marketing and promotional goals of companies for using latest techniques, stronger
pathways to reach onto wider consumer market arenas (Alexander and Joe, 2019)
Models and metrics for measuring innovation
 Timesheet metrics: This is used for gaining quantitative record about the quality of
efforts and for recognising how innovation has been progressively built on among
company aspects for functional advancement. Timesheet metrics also is helpful for
sharing business services with investors, sponsors and senior management who are
helpful to understand how much company is actively grown within specific time
period. Time sheet metics enabels for gaining access to new scope has to focus for
technical progression onto wider goals where there are wider goals measured and for
fucntonally enriching new scale services.
 Financial metrics: This metric enables to develop analysis onto financial profits,
functional new scale services within various horizons and for gaining analysis onto
how much productive scale services have been actively reached. Innovation models
implemented within company production, business and marketing can be analysed
with financial metrics and how much evolution has been brought on among company
scenario and with various potential arenas widely focused for gaining new synergy of
innovation. This also encompasses wider synergy of efficiency within current and
future productive targets where new scale services can be actively analysed for
working onto new goals (Schilling and Shankar,2019)

 Management and leadership metrics: This metric has been actively used by
company management and leaders for analysing how much progression and new
functional innovation has been worked on among employees and working segments
onto functional levels. This enables for yielding onto rapid evolvement with new
work focus where there are wider business scale opportunities analysed, by majorly
looking onto how much innovation has been programmed into services and
productive factors of growth. Competitively managers, leaders are actively looking
onto new metrics for analysing how much employees and management has been
responsive with new innovation metrics and also for gaining new synergy of growth
onto new determinants.
 Training and staff competency metrics: This can be understood as another metric for
examining and measuring development of innovation within company model where
all employees trained skills are measured of and for technically building on new
competencies within management. It also focuses to yield onto factors of working
with new innovation functional opportunities of employees are analysed by yielding
onto wider scope onto new reflective synergy of growth for gaining onto new scale
services. The competencies play vital role for training employees within future work
segments and wider relative goals to reach onto new work horizons and also for
factoring growth perspectives where company is actively focusing to reach on
(Rajiani and Ismail, 2019)
Finding and critical evaluation
Innovation management is complex process that helps company to gain competitive
advantages in market by satisfying needs of customers in best possible manner. There are set
of tools and techniques that are used by manager to bring innovation within firms so that it
can effective achieved objectives. It can be stated from above analysis that the way different
companies such as Amazon, Sepharo have measured and maintained innovation within
environment.
Different method can be used to measure innovation such as organisational culture,
capabilities of individual, return on investment and overall profit margin that have been
earned by company as result of innovation within firm (Stojcic, Hashi and Orlic, 2018). Such
as Amazon is one of the firms that have effective managed and monitor innovation that are
happening in external environment.

 For example: Amazon from data driven solution to Amazon Go concept. Return on
investment is metrics that have contributed in measurement of innovation by
evaluating total return on finance and resource investment made by Amazon. Thus
company by using ROI is able to identified key areas in which firm strength and
weakness lies therefore manager is able to take correct action within limited time
frame. It helps manager to know the actual outcome from introduction of specific
innovation within market so that they can plan future strategies for accomplishment of
goals.
 On contrary another company that have bring innovation in economy is Sephora that
have introduce Innovation lab in 2015 to test, build and develop best customers
experienced. Artificial intelligence is another technique that has been used by
company to provide customers to try make –up through virtually that have contributed
in enhancing their level of satisfaction (Randhawa, Wilden and Hohberger, 2016).
Manager of Sephora to measure and manage innovation have make use of
organisational capability metrics which state about capabilities, infrastructure and
various process that are used by company for brining innovation.
 Manager by analysing and evaluating actual capabilities of firm such as total existing
capital, resources is able to take appropriate steps to bring and promote innovation
within enterprise. It is able to find future requirements of human, technology and
other financial resources for effective achievements of goals and satisfaction of
customers needs. At the same time manager of Sephora is able to know skills,
knowledge that is presented in existing employees and needed to be presented in
future so that change can be brought and more profit can be enjoyed by firm. Thus,
several steps are taken by manager to arrange sufficient financial and other resources
that are required in brining and promoting innovation in the organisation. Therefore,
company by using such technique is able to sustain innovation in the firm for longer
period of time for earning more profitability and market share.
 Apple is another well known company that deals in highly qualitative, unique design
and colours products and services thus bale to meet expectancy of wide range of
customers. Leadership is metrics that helps apple manager to effectively measure
innovation such as company have friendly and supportive working culture that
motivate large number of employees to work hard for attainment of goals (Agarwal
and Brem, 2017). Therefore good working environment, strong relationship among
employees and high motivation level has promoted employees to put their best for

growth and success of firm. So this firm by effectively managing and measuring
innovation outcome is able to gained competitive advantages and build strong brand
image in market. It can also be stated from above finding that innovation is key
factors that lead to enhance overall market share, profit margin of company.
Thus manager of organisation by measuring innovation is able to plan new or
innovative method that can be used to satisfied needs or wants of customers in best
possible manner.
Conclusion and Recommendation
From the above discussion and finding it can be suggested that managing and
measuring innovation is key responsibility of senior manager so that firm can easily grow and
expand its business. Manager by measuring outcome of innovation that have brought by
company is able to take necessary steps to control action for effective achievements of goal.
Therefore various methods that can be used by other companies for measuring and managing
innovation can be illustrated as follows:
 Information technology is best method to collect, store large amount of data and
information related to measurements of performance of company. Firm can easily
store information related to amount of resources or capital that is invested in brining
innovation within organisation and its actual outcome that is profitability, sales
volume. Manager by analysing both outcomes received and total investment made is
able to decided appropriate action that can be made for future sustainability of
enterprise (Crowley and Bourke, 2018).
 Manager needs to continuously analysis about various opportunities and threat that
are present in external environment so that changes can be made in strategies for
effective growth and development of enterprise. It needs to find unsatisfied wants of
customers as it helps in brining new and innovative ideas that can be used to meet
customers expectancy and growth of firm in competitive market condition.
 Management needs to pay emphasis on organisational culture and work ethics in
order to manage and effective measures success of innovation. Organisational culture
is a place where diverse individual work together as team so that particular objectives
can be achieved. It is responsibility of manager to ensure safe and secure working
environment, good relationship among employees, so that they are influenced to give
their best for growth of firm (Ollila and Yström, 2017). Manager also needs to

provide clear guidance and direction to employees about specific task that need to be
performed by each individual in the firm. Thus, it helps in better coordination,
quickly acceptance of external changes and brining innovative idea to fulfil
customer’s requirements.
Therefore company by using all such recommendation in its operation can effective
measure and manage innovation at the same time contributed in growth, expansion of
business for number of years.

REFERENCES
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