Twenty Queensland manufacturers are set to be innovation pioneers as part of a pilot program to measure and compare the level of innovation within businesses. The pilot program, which is sponsored by the Queensland Government and will be delivered by QMI Solutions, utilises the IMP3rove[i] approach and IMP3rove benchmarking and it has been used successfully by over 3,000 SMEs in the European Union.
In an economy still recovering from a global financial crisis – not helped by a high exchange rate combined with ever-present, low-cost importers – adopting a business innovation strategy is still recognised as a definitive way to stay ahead of the competition and ensure the business remains sustainable in the long term.
Innovation encompasses the development of new products, new services and new business models or processes that translate into added value which customers are willing to pay for. As perceptions of innovation levels are subjective, the IMP3rove benchmarking provides an objective analysis of innovative processes and practices within a company compared to their peers and the growth champions in their field, providing a clear path for improvement. With assistance from trained IMP3rove consultants, SMEs can effectively catch up and 'close the gap' with the champions.
These activities are a major focus for QMI Solutions which, over the past 20 years, has helped Queensland industry increase productivity and competitiveness through the adoption of proven technologies and practices. With innovation as a proven key differentiator, QMI Solutions CEO Jim Walker says the IMP3rove tool fits well within QMI's product offering to compare and track companies on the improvement journey.
"We have seen the great impact our other benchmark tools have had on Queensland manufacturers and the IMP3rove approach aligns perfectly with our capability," Mr Walker said.
"IMP3rove's advantage is that it links innovation management with profitable growth. The big benefits emerge when you are able to objectively compare your business against others in the same sector and identify areas for improvement that effectively become an action plan for the future.
"The 20 companies targeted for the IMP3rove tool pilot program are innovation pioneers as they are the first to participate in what will become an innovation barometer for industry.
"Ultimately, the IMP3rove benchmarking will be essential in improving the levels of innovation among Queensland businesses and reinforcing a key target of the Queensland Government's Towards Q2 strategy," Mr Walker said.
European companies using the IMP3rove approach experienced profit growth, revenue and employment increases as well as improvements in the management and focus of the company. A Spanish SME highlighted the three key benefits from the tool as 'low cost, opportunity for comparison against thousands of companies in the same sector and the contribution of specialist external advice'.
"The IMP3rove approach offers SMEs the possibility to evaluate levels of innovation performance and benchmark themselves against the best in industry, region or against leading innovators across Europe and other areas in the world," Mr Walker said.
Companies participating in the pilot program also benefit from the guidance of QUT Associate Professor Sam Bucolo who, as the trained facilitator of the IMP3rove approach, helps the company identify innovation-related issues and devise an action plan to focus on the adoption of an enhanced innovation approach to the business. This project also fosters collaboration between QMI Solutions and the Fraunhofer Institute[ii].
[i] IMP³rove - A European Project with Impact - 50 Success Stories on Innovation Management, January, 2010 (IMP³rove (www.improve-innovation.eu) is an initiative of the European Commission)
[ii] The Fraunhofer-Gesellschaft is based in Germany and is the largest organisation for applied research in Europe. It undertakes applied research of direct utility to private and public enterprise and of wide benefit to society.
For more information or advice, please contact:
Consultant: Bruce Macaulay
Email: info@qmisolutions.com.au