Financial Impact of Innovation at Managed Innovation Conference (Sydney, Australia)
SYDNEY, Australia (23 Feb, 2004). Mark Turrell, CEO of Imaginatik, presented the findings of a multi-year study on the Financial Impact of Innovation at the Managed Innovation conference in Sydney, Australia. The conference included speakers from ChevronTexaco, Masterfoods, Australian Paper and the Department of Treasury & Finance, Victoria.
The Financial Impact of Innovation (F-IOI) determines the impact of innovation on revenue and profitability. The analysis is used by executives to assess the appropriate level of commitment necessary for an organization to take advantage of innovation opportunities. The methodology, developed over a two-year period by Imaginatik Research in partnership with clients and academic institutions, measures the relative contribution of 'innovation' to the achievement of corporate objectives. Innovation is defined broadly as the ability to handle new products and processes that deliver business value. Corporate objectives are considered in four parts: revenue growth, revenue protection, productivity and cost reduction, and 'disruptive change', that being the risk of unexpected events that can materially impact business performance.
The conference was organized by Managed Innovation, a leading innovation consulting and strategy firm in Australia, whose clients include Cadbury Schweppes Asia Pacific, Fonterra, and Kimberly-Clark Australia. According to its director, Allan Ryan, “Innovation must be treated as an organization-wide program that can be applied to all forms/types of business development, from continuous improvement to radical business change”.
The conference was a timely reminder that the need for purposeful and systematic innovation is growing. “Companies can no longer rely on accidental innovation to generate growth”, says Mark Turrell. “Leaders need to realize that innovation is a multi-million dollar problem, on a par with customer service and quality, and they need to invest to stay ahead of the competition."
If you would like to receive a copy of the presentation, please contact research@imaginatik.com. For more information about Managed Innovation, please contact info@managedinnovation.com.
About Imaginatik
Imaginatik is the long-time leader in enterprise Idea Management software. Its flagship solution, Idea Central, is designed to elicit ideas and insights from employees and extended enterprise partners, provides a shared collaborative space to develop ideas, and is equipped with sophisticated tools to evaluate and select the top ideas for implementation. Idea Central has won the Basex Excellence Award 2003, and is in use in clients such as Georgia-Pacific, Cadbury Schweppes, W. R. Grace, ChevronTexaco, Bayer AG, and Goodyear Tire & Rubber. Imaginatik's software and consulting services have helped clients discover significant sources of additional revenue, as well as tangible cost savings, process improvements and an increased product pipeline. Imaginatik is also committed to developing strategic solutions in the field of innovation, working with academic institutions such as the London Business School and the Cass School of Business, London, as well as leading practitioners of corporate innovation.
About Managed Innovation
Managed Innovation is the leading innovation consulting firm in Australia. Headed by Allan Ryan, a well-known guru of innovation working closely with the Australian Graduate School of Management (AGSM), the firm assists organizations in a practical, "hands on" way to become more innovative and accelerate company growth. Their Managed Innovation© program has been delivered to industry leaders and innovation champions in Sydney and Hong Kong, and the program has helped many firms to generate sustainable and measurable benefits from their innovation initiatives.
Imaginatik and Idea Central are trademarks of Imaginatik plc.