How Does UK Corporate Management Select and Measure Innovation in the Construction Industry?

Speed and quality of innovation has become crucial to surviving in highly competitive markets. Indeed, some argue that innovation should be embedded within corporate culture, rather than being delivered within a process of ad-hoc events. Furthermore, the organization’s ability to innovate is increasingly recognized as a key factor for sustainability, competitiveness, economic success, well-being, and the development of society. However, without the ability to observe, measure and reflect on the management of innovation, the ability to implement good corporate strategy is limited. The work reported will gain direct insight to the practices and methods used to capture and measure corporate innovation operations in UK construction, with the aim of developing a framework that captures and defines a practical process for measuring and valuing innovation. A systematic review of literature has been undertaken to identify the key attributes of corporate innovation that may be measured, interviews will be undertaken to identify literature outside of the academic field that might inform the work. It is expected that case studies will follow to collect rich strategic data that provides a unique and valuable contribution to knowledge. Following a study and analysis of the data, methods will be presented for better understanding of those metrics and measures used when assessing the value of innovation at a corporate level. This stage also includes a review of the literature and initial interviews in the field of innovation operation measurements outside of academia. Early results suggest innovation is far too important to be managed without accurate measurements. Metrics drive behaviour and “what gets measured gets done.” Innovation indicators should be selected, and their metrics should be designed and used to manage company’s evolution, to achieve better alignment with business strategies and nourish a culture of entrepreneurship that results in improved corporate success.