Conceptualization and Theorizing Process of Innovation Metrics for Green Business Practices

Abstract

This research explores the wide range of measurement techniques used to evaluate innovation in businesses. We suggest a potential method for developing theories by combining the collective knowledge of academics and practitioners with a synthesis of prior empirical findings. There are differences in opinion among experts and scholars regarding innovation measurement in the discourse. While some argue that analyzing the mechanisms promoting innovation is important, others stress the significance of analyzing its results. The discussion also touches on how much companies should develop their capacity for innovation in order to remain competitive in the marketplace. The usefulness and validity of different metrics and tools for measuring innovation remain controversial despite decades of research, with conflicting findings frequently appearing in published literature. We argue that innovation is a continuous process, as demonstrated by the results of applied research and development (R&D), which are informed by engineering practices, theoretical understandings, end-user needs, sustainability, and environmental impact. This study adds to the current conversation by putting forth a nuanced viewpoint that recognizes the complexity of innovation and pushes for an all-encompassing method of measurement. © 2024 The Authors