Optimizing the innovation process and portfolio management
As one of the world‘s leading raw materials suppliers, Covestro works on solutions for the challenges and problems of our time. It is therefore absolutely critical for Covestro, when conducting R&D projects, to work with the maximum effectiveness and efficiency.
In an ever more competitive market with growing customer expectations, innovative strength offers differentiation potential. The consistent support of innovation activities by means of appropriate processes and frameworks is therefore of vital importance. The Innovation Process and Portfolio Management (IPP) project reworked these supporting elements and in some cases globally aligned and optimized them.
„UNITY made a very valuable contribution to the further development of our innovation process and portfolio management capabilities. At the same time, UNITY provided great support in the specification and selection of a software package.”
Dr. Lorenz Kramer, Covestro – Innovation Excellence
UNITY supported the development of a global and enterprisewide innovation process as well as a portfolio management system for R&D projects. The specific tasks of the project were:
- Development of a common Innovation Process and Portfolio Management (IPP) system for R&D projects in all business areas and regions
- Development and documentation of an IPP standard framework
- Specification and selection of a software package to support the new innovation process and portfolio management system
- Development of corresponding training approaches and materials for various user groups
The innovation process that was optimized and harmonized in the course of the project, alongside the reworked portfolio management system, helps Covestro to make better strategic decisions. It also forms the basis for the company’s globally standardized approach to processes and projects in innovation management. Another big advantage is the reduction of complexity in its innovation management system through the introduction of a software package that, again, has been standardized globally. With this, several legacy systems could be retired and a common basis for the management of R&D projects could be established. The transparency created with regard to budget allocation and use also facilitates effective cost management.