Abstract:

Innovation plays a key role for obtaining outstanding results and a high performance, in today’s competitive environment so that the stakeholders’ interest and attention are centered in the direction of the novelty concept. Accuracy and understandability are not sufficient for an efficient performance measurement and a way too complex measurement system might be less efficient, causing redundancy, time delays and an undesired exponential increase of the cost. The concept of innovation, although being considered a complex one, covers the whole process of bringing a new idea on the market. While an abundance of innovation related KPIs are defined, information needs to be also meaningful for the commercial approach, in the corporate world. A high number of registered patents and inventions can represent only an internal statistic unless the results benefit of a successful release on the market. In order to achieve superior results, a closer follow-up and a higher management concentration is required by the relevant and meaningful KPIs. Current article has the main purpose to establish which of the innovation KPIs have a stronger impact, being in a positive correlated relationship with the corporate performance and offering a better business view to the stakeholders.