Monitoring internal innovation: Whirlpool’s dashboard of ideas

moisesnHow 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 ...

Gated Article Promo

Read the rest of the article ... and give IL a test drive!

Complete the form below for a 3-day trial of Innovation Leader, including access to case studies, research excerpts, live calls, and other resources. Got questions? Get in touch »
SEE INNOVATION LEADER IN ACTION!
Watch this quick video to see the main benefits of Innovation Leader membership.
 
Innovation Leader
What Is Innovation Leader?
Are you responsible for creating new growth in a large organization? We've got you covered. IL members get full access to our research, articles, case studies, live events, webcasts & conference calls, downloadable resources and more. Become a member »

Case Studies, Articles
Members-only online access to articles, case studies, best practices, video tutorials, more.
RESEARCH REPORTS
Exclusive reports on topics including metrics, benchmarking, labs, compensation, and more.
IL Events LIVE EVENTS
Member discounts to our one-of-a-kind, loved-by-participants live learning events.
Il Resources RESOURCE CENTER
Dozens of downloadable checklists, innovation frameworks, spreadsheets, and dashboards.
Learn More & Become a Member