The answer is of course yes! The problem comes when your definition of Innovation and mine do not coincide!
Many people will trot out a list of KPIs that are just modified version of standard production/manufacturing indicators. These could include number of ideas generated, number of ideas actually turned into products, time from conception to production etc.
What I am interested in is the behavioural aspects. What actually is there that will allow a business to innovate? Its a bit like the voltage in a battery. The battery may not be doing any work if its not inserted into a device, but what is its potential to do some work? How can you measure the potential of your organisation to innovate?
For details of the Innovation Equation you can visit my website or send an enquiry and ask for details of Innovation Measurement. In a nutshell, the Innovation Equation is a model, the components of which are Innovation Output, Creativity, Knowledge and Maturity. These can be assessed via surveys to give a detailed picture of the organisation.
Surveys can be taken with demographics recorded such as location, function, job description etc. The resulting data will allow scarce resources to be targetted at the appropriate parts of the organisation rather than trying to pass every employee through an Innovation Programme. You will also find out where the barriers are.
Results are given via an easy to read target diagram and a colour coded traffic light system. More detail is there if you wish to have it.