Why leaders with a clear vision connect innovation and strategic cost-cutting

A successful cost-cutting strategy is connected to an organisation’s capacity to evolve, to innovate, and to do so as a whole. Companies can, in fact, keep innovating in ways that do not require high investments in new product research and development, and which can save substantial amounts of time and money.

This process should start internally by capturing the wisdom of each employee, but can also reach external stakeholders, harnessing their potentially powerful insights, creating communities around the company and building communication bridges with clients and suppliers.

By listening to all these voices, and collecting the diverse expertise and know-how of their workforce, organisations can avoid waste, concentrate energies and operate in a more efficient way – thus getting prepared to react and adapt to continuous change.

Losing ‘fat’, as we know, makes us more agile, and agility is key in our times.

In this sense, leaders with a clear vision tend to use cost-cutting to align costs with business strategy. ‘Strategic cost-cutting’ helps companies lower costs, focus on the aspects of the business that are controllable and free up resources to fund transformation and future growth.

Innovation management does not offer magic formulas to do this, nor to mitigate slow growth. Yet sustainable growth, by its essence, cannot exist without ongoing innovation.

In the upcoming posts, we seek to understand what a strategic cost-cutting approach is in more detail, and how it can be important for companies in our economic environment. We also highlight how an innovation culture is fundamental to implement it, and guide you through five major steps to make it work in your organisation.

Andreia Agostinho Dias, Sales Executive
Diana Neves de Carvalho, Exago’s CEO

You can access the full paper here

 

If you’re managing your company’s innovation initiative, the Beaver is for you

Opening the way for your 2018 challenges, Exago – Beaver Release enables innovation platform managers and administrators to become master builders and determine the flow of each stage of your company’s innovation endeavour.

With simplified processes and configurations, you focus time and skills on what matters: putting together an innovation programme for effective collaboration.

5 new key features for a stronger idea management process

1. Back-office use gets more efficient
Your back-office use is simplified with:
• Easy pick and broad colour palette for customisable appearance;
• Possibility to configure multiple applications in the general back-office;
• Tag management page to facilitate configurations by object type (ideas, users, etc).

2. Customisable fields in each idea form
Sometimes a general idea description in the idea form is the best option, while in other cases, the expected impact or specific metrics may also be relevant. Exago – Beaver Release lets you choose the fields in each challenge and phase of your workflow, with an idea form that is targeted and adaptable.

3. To have or not to have prizes
Though incentives bring more engagement, you may prefer other recognition mechanisms. Our new release allows you to adjust this according to programme needs, with the option to set up internal or open initiatives without offering prizes. If you do give away prizes, you can choose to always have them visible, reminding users of what they can win for taking part in your company’s challenge.

4. Switch insights on and off
Sharing insights on each topic and challenge may not make sense for your innovation initiative in a specific moment. Platform managers and administrators can now activate and deactivate this feature whenever they see fit.

5. Extra workflow flexibility
Innovation initiatives are never the same, so workflow flexibility is a must for managers. Taking it one step further, you can now adjust your workflow and add additional states for idea analysis, voting and filtering – to easily find ideas that can be implemented with lower cost and higher impact.

Do you want to have a sneak peek of the Exago – Beaver Release? Let us know what time suits you best for your freedemo@exago.com.

Ten years building the future together

In 2006, an IT visionary, an innovation hunter and an algorithm doer met for coffee and an idea came up. In November 2007, Exago was born.

Now, on our 10th anniversary, we celebrate the results of our brilliant customers and the over one million users who have taken part in building their organisation’s future.

From the thousands that have come to life, we share 10 simple yet impactful ideas to stir us all.

We challenge you to pick (at least) one!

 

Strategic cost-cutting and improvements in the innovation corporate agenda

At the end of the 20th century and in the early 21st century, CEOs were mainly focused on growth and innovation and on how these combined to deliver real results in organisations. Yet CEOs have become more pessimistic in the last decade, as world turmoil has intensified, innovation has failed to deliver the promised land and growth has become a more elusive and complex goal to reach.

Long-term stability is highly unlikely, and we all have questions and uncertainties churning in our heads, CEOs included. They are, right now, looking for answers and for ways to include their organisations in possible solutions.

Too much indecision remains

How will the European Union redefine itself and what will it mean for trading within and outside its borders? What impacts will Trump’s election have in the medium to long term, in the US, with its main partners, and also around the world? What’s next for the United Kingdom? Will Turkey still be in NATO in two years’ time? And how does all this combine with the ongoing work and technological revolution?

Political uncertainties can strongly impact the volatile financial markets, as the Euro area still recovers from the banking crisis, deals with Brexit, Catalonia’s separatist movement and with the refugees’ migration crisis. The huge Chinese economy is also expected to continue reflecting weak exports and decelerating investment and its growth has slowed to its lowest rate in 25 years (though still near 7 percent). Japan is stuck in a decades-long recession, while the US economy is highly dependent on political decisions, with outcomes difficult to foresee.

In a weak growth environment, with low investments and rising risks, companies gamble on cost-cutting to ensure that they are prepared and equipped to grow stronger, as they wait for better times to come. Yet, more and more, cost-cutting is understood as a way to drive growth, rather than as a way to survive or avoid insolvency, as we will next seen.

Andreia Agostinho Dias, Sales Executive
Diana Neves de Carvalho, Exago’s CEO

You can access the full paper here

 

Six best innovation practices to engage Millennials and Gen Zers

All businesses are created first by ideas. Then, once you are in business, you need new thinking for design, engineering, radical improvement, manufacturing, marketing, advertising, problem-solving, customer retention, etc. Often the difference between success or failure in business is a simple idea.

On the one hand, many corporations have limited resources, funds, and time to give creative dreamers sufficient power to produce breakthrough ideas. On the other hand, other companies have many ideas, but are short on ways to assess, screen, prioritise, leverage and execute them.

Disciplined and well-managed creativity breeds successful idea generation and cross-pollination. Idea management systems and processes can help your company make innovation a discipline. They can help make the hunt for new possibilities each and every department’s business, as well as involving broader and more enthusiastic participation among managers and employees.

As we have seen, building a collaborative innovation culture comes hand in hand with conquering Millennials and Generation Z. This means you not only have to promote innovative thinking in your organisation, but also have to get a feel and touch in your corporate culture that inspire and retain these new generations.

Finally, remember as well the following six best practices:

  • Have strong leadership and role modelling
  • Promote regular learning
  • Give employees self-improvement possibilities
  • Create free time for interests and new ideas
  • Encourage and reward ideas and creativity
  • Do not forget mobile and flexible platforms to reach employees

Any organisation’s most valuable resource is its people. That being so, the capacity to obtain and inspire the best, most innovative and competent employees and to attract the leaders of tomorrow is the ultimate key for your company’s success.

FROM THE START:
Loyalty is no longer enough to both employers and the workforce

Aylin Olsun, managing partner of ASO Company
Diana Neves de Carvalho, Exago’s CEO