EDC will generate increased value and levels of financial & non-financial performance via continual and systematic innovation by harnessing the creativity of all the stakeholders. This will be achieved through following components:
EDC will establish and manage networks to identify opportunities for innovation from signals within the internal and external environment. It will establish a clear strategy to foster a culture of entrepreneurship to enable innovation across all aspects of the organization. Employees to have an open mindset and use creativity & innovation to respond quickly to challenges they face. Establish approaches to engage people (employees), partners, customers, and society (through all stakeholders) in generating ideas and innovation.
Set Clear goals and objectives for innovation (examples number of new ideas generated, % ideas acceptance for implementation, % successful implementation, % employees involved, % customers involved and % suppliers involved in innovation, ROI on innovation, % of stakeholders recognized, Number of Patent / Copy rights, intellectual property and % of stakeholders rewarded) and refine their innovation strategy in line with innovation achievements.
Turn new ideas into reality through innovation – enabling processes which fit the nature and importance of the changes they will make. Processes could include creating awareness about creativity & innovation amongst all stakeholders i.e. employees/ customers/suppliers/…., brainstorming, generating ideas, evaluating ideas, implementing ideas and monitoring the benefits/costs of ideas implemented to improve the innovation policy, strategy, processes including recognition and reward systems. Use innovation well beyond technical change and reveals new ways of offering value to EDC’s stakeholders. A clear process of R&D shall be identified from the idea conceptualisation, benchmarking¸ proof gathering and identification, PoCs, till piloting, implementation and commercialisation. It shall start with the core Businesses of EDC moving towards achieving EDC’s mission.
Examples could be Employee Suggestion Scheme, Customer Suggestion Scheme, Supplier Suggestion Scheme, and Other Stakeholders (i.e. Shareholders/Owners / Bankers/Government/Society at large) Suggestion Scheme.
These resources could be Innovation Organization Structure including Creativity & Innovation Facilitators/Consultants/University & Trainers/ Champions, Innovation Week, Innovation Club , Creativity & Innovation Lab/Think Tank, Library (Creativity & Innovation Materials), Creativity & Innovation Promotion Materials, Company Intranet (with Innovation module), Innovation Hardware (Idea generation/logging Gadgets) & Software (for handling all stages of innovation process – including intranet/automated workflows for processing of suggestions within the layers of the supervisory/management within the organization) and appropriate Innovation Budget.
Improve stakeholder perception/satisfaction, cut time, sustainable, improve financial and non-financial results (including Quality/HSE/Revenue/Costs/Profit/ROI/ Share Value/Brand Image/Market Share etc.) as per Balanced Score Card (BSC)/Excellence Framework, Ownership of rights.
Monitor, assess, and review the impact and added value of innovations on a quarterly basis. Recommendations for improvement in "Innovation Policy, Strategy, Objectives & KPIs, Process, Initiatives, and Resources" will be suggested for the future.
This policy will be reviewed every 3 years for its continual improvement & suitability and will be amended if required.