Emerson Electric has a long track of measuring numbers. If something can be measured, then this company doesn't hesitate to do so. This latest article in Business Week details how Emerson has created a new metric to measure it's innovative process. Emerson's new approach to tracking new product sales is seen as more revealing, effective, and more insightful. New product sales are divided into four different categories: minor improvements, major improvements, products that are new lines for business, and ones that are completely new. These guidelines offer a more accurate reading for decision-makers. Through this rubric more time and money can be allocated to the processes and categories that are doing best.
Emerson's Embraces New Innovation Metrics