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INCREASING THE VALUE OF BUSINESS: NEW INSIGHTS AND APPROACHES

INCREASING THE VALUE OF BUSINESS: NEW INSIGHTS AND APPROACHES BIHE 7th Annual International Conference October 14, 2005 BIHE Innovation and business value Alina Dūdele SIA Biznesa Konsultantu Grupa Director. Innovation and value. Business goal = value creation

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INCREASING THE VALUE OF BUSINESS: NEW INSIGHTS AND APPROACHES

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  1. INCREASING THE VALUE OF BUSINESS: NEW INSIGHTS AND APPROACHES BIHE 7th Annual International Conference October 14, 2005 BIHE Innovation and business value Alina Dūdele SIA Biznesa Konsultantu Grupa Director

  2. Innovation and value Business goal = value creation Value creation = creation of new products and services with high added value Request of XXI century – systematic approach to innovation management

  3. Innovation and value Traditional innovation: scientific achievements + marketing = radically new products and markets Results of surveys: there are at least three different approaches to innovation as major tool for increasing company value at the companies • R&D investments to achieve scientific break-through – high risk, possible high return; • Development of new qualities for existing products/services; • New products development, taking into account even risk of internal competition

  4. Value creation • Transformation of scientific achievements to commercial products • Improvement of safety and reliability • Cost savings and quality improvement • New product qualities • Analysis and satisfaction of needs of lead customers • Customization of mass products for individual clients

  5. SSources of new ideas

  6. Best practices – how it could be done • Innovation process planning • Cooperation with Customers • Management of R&D • Cooperation with partners • Strategic role of R&D

  7. Knowledge intensive jobs(% of total) Source: European Commission data

  8. Thank you for attention!Alina DūdeleSIA Biznesa konsultantu GrupaTirgoņu 10-7, Rīgat. 7224305; f.7224306bkg@bkgriga.lvwww.bkgriga.lv

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