Measuring Innovation Excellence: Measurement Framework for PWC’s Wheel of Innovation Excellence Concept

This article discusses and presents an approach to the development of an innovation measurement framework. Innovations are vital for company’s long term success and therefore many theories and different innovation concepts exist. One of the frameworks developed recently and on real life observations and data practice coming from Central and Eastern Europe is a concept called PwC Wheel of Innovation Excellence. The goal of this article is to develop and presents a measurement framework for this specific innovation concept. The developed framework will have to strongly link strategy and innovation and has to be able to present it to the users (employees) to motivate them to further innovate and explore the unknown. The presentation of the innovation “status” should such that it can be understood by wide audiences (easy to use) and should foster communication among employees. The measurement framework also needs to be able to measure less tangible and hardly measurable aspects of innovation. A special type of questionnaire needs to be developed to measure them. The result of the article is a measurement framework that consists of questionnaires to assess innovation activities, KPI’s to measure them and a dashboard to display them.