To achieve our growth ambitions, we need to focus our effors more on projects that yield bigger and better innovations – delivered faster. In 2010, we spent time developing a more focused portfolio of innovation projects and are already redirecting our investment to support these bigger innovations.
Increasingly, our innovation portfolio will be aimed at delivering solution promises that address global mega-trends.
We are now completely aligned on the key underlying changes in the world that will drive our business, and indeed all businesses:
These are conceptual responses to the challenges posed by the global mega-trends. They provide a framework which guides and energizes our innovation portfolio. For example, the combination of population growth and improved quality of life will mean that the world’s population grows and wealth increases, with significant mid-market development in high growth economies. The solution promise that addresses this is “Serving the needs of the mid-market.” To do this, we will need to deliver innovations that will provide customers with affordable, high quality products – at much lower cost.
Throughout this 2010 Report, you will find a highlighting some of the innovations that we have already commercialized that make good on these solution promises. We are confident that we will continue to deliver exciting innovations that deliver increased market share and/or improved margins as we continue to redirect investment in R&D towards bigger innovation projects.
We’re pleased with the progress we’re making, but we also recognize that no one company or individual has a monopoly on the best ideas. That’s why we’re also open to the best ideas to grow our business – whether they’re our own or someone else’s. To find and access those ideas, we’ve developed a structured approach to open innovation which encourages outside parties to help us with solutions where we don’t have the in-house knowledge, capabilities, or technology. We have already started to establish strategic partnerships in specific areas of mutual interest with key suppliers.
Serving the needs of the mid-market
Developing products for well-being and identity
Achieving zero footprint
Saving you time and effort
Creating new horizons in functionality