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Building a Culture of Innovation: Lessons from the Most Innovative Companies
- Building a culture of innovation is important for companies to remain relevant. Industry 4.0 technologies like AI, IoT, and cloud technology can optimize existing processes and stimulate business growth. ICL Group developed BIG program, which is an employee-driven innovation accelerator program that evaluates new ideas objectively using standard criteria and assigns approved concepts to business units with proper resources. The program has quantifiable successes and has generated over 200 potentially patentable ideas, with over 35 patents already filed. This innovation accelerates help companies remain relevant in a constantly evolving ecosystem.
- ICL Group values innovation, and their BIG program covers all 13,000 employees to drive innovation in alignment with wider business strategies in a profitable way. The program had to create a structure for innovation that employees could easily access and objectively evaluate each new idea.
- ICL Group's approach to innovation is that every employee is potentially a subject matter specialist, contributing innovative ideas within their spheres of knowledge, interest, and practical experience. The BIG program's key goals are realizing profit, launching new products, increasing operational efficiency while decreasing operational costs, and protecting the environment.
- The BIG program has outperformed all expectations since its launch and realized over $400 million in annual operating income, generated over 200 potentially patentable ideas, and filed over 35 patents. The program also has other benefits such as improved employee retention, increased creativity, and problem-solving, which brings a highly analytical and entrepreneurial 'Can do - Will do' mindset.
- Companies with a culture that enables problem-solving enjoy an immediate advantage in a highly competitive market. The BIG program and other innovation accelerators like it can help established companies remain relevant in a constantly evolving ecosystem. Future competitiveness will increasingly depend on short lead times between identifying needs, acquiring, and implementing technologies and solutions. Employee engagement and innovation are effective and readily obtainable means for companies to harness dynamic energy and preparing for future challenges.
- Human Beings have a natural capacity for innovation, and the extent to which innovative potential is realized within a company depends on structures, security, and incentives. Innovation accelerators like ICL Group's BIG can strengthen companies through improved loyalty and resilience.
- ICL Group's BIG program serves as an example of how structured employee engagement can drive sustainable innovation. With it, employees can influence their operational areas and shape the strategic direction of the company. Positive contributions are highly empowering within a corporate setting and have a positive effect on employee morale.
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