At a time of rising global competition, aging work forces, and stagnant productivity, everyone agrees on the key to staying ahead: Innovation. Each year, more CEOs sell tech-driven efficiencies to their shareholders, more marketers pitch their products as revolutionary to consumers, and more journalists and consultants produce lists of the world's most innovative companies.

The problem? There's no accepted standard for measuring—or even defining—innovation, and "I know it when I see it" no longer cuts it as substitute. On this episode of Indications, economists Ataman Ozyildirim and Janet Hao introduce Future of Innovation, a year-long project they've embarked on with the input of top executives and practitioners. The goal is a flexible framework of signposts that will help companies across industries define innovation for themselves and accurately track their progress over time and against the competition.

Reading List:

• The Conference Board Future of Innovation (project portal)
• Signposts of Innovation: Toward Better Innovation Metrics for Business—A Primer (member report)
• The Conference Board Innovation Leadership Council
• "The Most Innovative Companies of 2017" (Fast Company)
• "The World's Most Innovative Companies" (Forbes)

MEMBERS: Want the complete story on innovation and other critical business topics? Working for a member of The Conference Board opens up our exclusive portfolio of research, events, and webcasts. Click here to find out if your company's a member.