Improving the estimation of innovative projects is a topical task for the emerging fourth period of innovation process management theories – the post-industrial concept of “Innovation 4.0”. The existing methods of estimating innovations are based mainly on the tools of the theory of investment efficiency, which does not take into account all the features of innovative projects. Consequently, the purpose of the study is to improve the estimation of the economic efficiency of the innovative projects implementation based on the formation of a system of balanced indicators. Scientific novelty of the study lies in the fact that we improve the estimation of economic efficiency of innovative projects through a comprehensive analysis of various aspects of the innovation impact based on a system of balanced indicators that allows us to achieve more objective results when comparing investment alternatives. Organizations that implement innovative projects can benefit from the study results. The study tested the strengths, neutrals and weaknesses of the organization under study based on the SNW-analysis. The following results were obtained: system of balanced indicators was formed for 4 key areas (economics, customers, internal business processes and innovations), taking into account 7 components: strategy, personnel, marketing, production, finance, logistics and information technology. As a result, 6 strategic indicators were identified that reflect the key aspects of the selected areas and determine the decision on the feasibility of developing an innovative project. The remaining 12 indicators will be used for the online monitoring of the achievement of the aims during the implementation of the innovation project. In the context of the development of the digital economy and the emergence of controlling systems at enterprises, using specialized programs, it is possible to compare the obtained indicators online with the organization’s strategy and determine the further direction of activities, i.e. to make the process of managing innovation more effective. The following software products can serve as a digital platform for creating a balanced scorecard: Microsoft Office Business, ARIS 7.0, Business Studio 2.0, and ScoreCard Manager 2005. Further research will be devoted to testing and improving the developed system of indicators at enterprises of the Vologda Oblast adopting innovative projects.