26 Metrics for Managing Innovation: Lessons From Growth Leaders ^Top reveal loose screening that keeps too many poor ideas in the pipeline, sloppy processes causing delays in hitting the stage-gates, or poor product quality that requires re-cycling the project back through development. Thus, Whirl- pool has a real-time dashboard, so any manager can see how many concepts are in process, which part of the globe they are coming from, and how many are headed for commercialization. A useful “rule-of-thumb” is to track no more than five to eight metrics with at least one metric about each of the sequential categories of inputs, process effectiveness and outcome measures. Finding the right balance between too few metrics to be revealing and too many metrics causing confusion and absorbing resources to measure and manage, is the challenge. A process for finding this balance has three steps. 1. Identify the best metrics. This requires both a top-down approach, to ensure the dashboard has strategically insightful metrics and a bottom-up approach that identifies the areas most in need of im- provement. For example, if leadership engagement is a concern, then measure the “amount of time the leadership team spends on innova- tion projects and developing innovation talent.” 2. Establish goals for each of the metrics in the dashboard. These goals should be set in light of the aspirations of the innovation strategy, but be attainable—otherwise they won’t motivate the organization. If the goal is to increase the number of projects in the pipeline, or their risk-adjusted value, are there enough resources now to support the achievement of the goal during the average development cycle? 3. Communicate the goals and monitor progress in real time. Be sure the organization is fully aware of the metrics, understands the goals and is kept informed about progress and possible shortfalls, so cor- rective action can be taken. After one year, assess whether the goals and time lines have been realistic and adjust as necessary. Be sure