Monitoring internal innovation: Whirlpool’s dashboard of ideas
How do you keep tabs on all the innovations circulating in a company with 68,000 employees, 14 major brands, and more than 70 manufacturing or R&D facilities around the world?
We spoke with Moisés Norena, Global Director of Innovation at Whirlpool Corporation, to understand how the Michigan-based maker of appliances and home products uses its internal innovation dashboard. You can see the dashboard below; just click the image for a larger view.
What the dashboard does: It’s a mechanism that allows innovation to be present when our executives have operations meetings. When they’re discussing market share, profits, and sales, we also want them to be able to look at innovation. We have three basic metrics for innovation. The first is what is in the innovation pipeline [“iPipeline,” below]. For that, we estimate the value for a given project, once it hits the market. The second is innovation revenue [“iRevenue,” below]. Once a product hits the market that we have categorized as an innovative product in our SAP system, we measure that revenue separately, so we can have a good feel for the mix. And the other metric is EOP lift. [Within Whirlpool, EOP stands for External Operating Profit — but think of it as earnings.] We believe innovation has to have differentiated shareholder value. The way that manifests in the financials is a higher percent of EOP than a base business. The dashboard is interactive, so you can click around it by region or by product.... continued ...