Which concept is essential for tracking the effectiveness of innovation efforts over time?

The essential concept for tracking the effectiveness of innovation efforts over time is the Innovation KPI (Key Performance Indicator). Innovation KPIs provide measurable values that allow a company to assess how effectively it is fostering innovation and achieving its strategic goals. These indicators can encompass various aspects of the innovation process, such as the number of new products developed, the revenue generated from these innovations, customer adoption rates, and time to market for new ideas. By utilizing Innovation KPIs, companies can evaluate their progress, identify areas for improvement, and make informed decisions based on data.

In contrast, while performance reviews and operational efficiency scores provide insights into overall performance or operational aspects, they do not specifically focus on innovation initiatives. Benchmarking metrics might help compare performance with peers but are not tailored to evaluating the effectiveness of a company's unique innovation efforts. Therefore, the Innovation KPI is the most appropriate choice for this context.