“Standing in solidarity to serve the member countries” in the fight against COVID-19, the ITFC is raising its innovation efforts to find new solutions jointly. As a leading Trade Solutions Provider, with a responsibility to shore up its activities and protect the member countries and interests of the nations that it provides practical, structural and fiscal support to, ITFC is launching an ideation drive to its staff, using the Exago platform.
Seeing innovation as a leverage for change, the Brazilian Fleury Group currently has 2,500 stakeholders involved in its innovation efforts. They have shared almost 3,000 ideas, of which close to a third have been implemented, generating 4.3 million reais of aggregated value in the last two years alone (approximately 900,000 euros).
In times of uncertainty, when business models are challenged, companies are bound to cut costs, to become more agile, robust and adaptable to change. Managers can support these efforts, namely within the corporate innovation programme.
Typically, cost-cutting is an expression that frightens employees. It often suggests salary reductions, job cuts and increased individual workload. When introduced in your innovation agenda, you should thus ensure that both real needs and strategy are understood across the organisation, consistently framing any cost-cutting goals.
In our economic environment, connecting innovation and strategic cost-cutting becomes relevant for all companies, both incumbent and challengers.
When putting your innovation challenges together, make sure you have a complete plan with clearly defined, targeted audiences, across cultures and business units, as well as key messages, frequency expectations, a communication and incentives strategy.
What is your company’s innovation mission? And how does your initiative take part in carrying it out?
How exactly can you establish and structure your innovation challenges? We give you a hand with our Idea System Launch.
After ideation and crowd discussion, followed by improvement and approval, management and leadership embrace innovations more easily, as the higher rates of implementation show.