Meet the Expert
Wayne Mackey
Principal, Product Development Consulting, Inc.
- 20 years of hands-on management of large engineering, manufacturing, and procurement organizations focusing on product/service development, especially in areas of collaborative design, metrics, supply chain management, and business strategy implementation
- Clients include Fortune 500 companies, major universities (Stanford, MIT, Carnegie-Mellon University), and government agencies in product development, supply chain management, and rapidly implementing enterprise-wide change
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Innovation Metrics
Principal, Product Development Consulting, Inc.
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Measure innovation in terms of “growth of margin over sales” as opposed to “percent sales from new products.”
Do not focus on results but on the predictive metrics that drive your innovation goals.
Measure your innovation factory’s "information turns" – how fast information moves from initiation to realization.
Patent diffusion is a better measure of innovation than the number of new patents: Measure how good your ideas are, not how many you have.
Staff the team with the optimal balance of skills: not just product creators but also leaders, strategists, and implementers.
Measure risk retirement rate: the speed at which your organization identifies, analyzes and mitigates risk in innovation projects.
Measure design responsiveness: how fast your organization can innovate around a customer need, normalized for the complexity of that innovation.
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