Innovation Tracking
Monitoring competitors' R&D activities, patent filings, and product launches to understand their innovation pipeline and potential impact on the market.
Implications
The ongoing process of monitoring and measuring the progress and impact of innovation initiatives within an organization, often using key performance indicators (KPIs) to assess the effectiveness of innovation efforts and ensure alignment with strategic goals.
Example
Example: A company implements innovation tracking by setting KPIs for the number of new products launched, time-to-market, and revenue generated from innovative solutions, using this data to refine its innovation strategy.
Related Terms
Different from general project tracking, which might focus on timelines and budgets, innovation tracking specifically monitors the outcomes and impact of innovation activities, helping to gauge their contribution to business growth and competitiveness.
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