Multiplica reveals the keys to creating an innovation model in organizations

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MADRID, September 30th, 2021. Multiplica, a specialist in the design and implementation of digitization strategies, today presented the report «Technology: Innovation and Scalability Driver» at an event organized by the company in collaboration with Tech Barcelona, a document that gathers the keys to establishing, with technology as the foundation, an innovation model in organizations that results in relevant experiences for customers.

In a scenario of accelerated digitization such as the current one, businesses must establish, through models that encourage and sustain innovation, strategies that allow them to redefine and reimagine their relationship with customers based on new purchasing habits, and this necessitates evolving toward service models thought in terms of solutions rather than products, that are always available, and ha «A company innovates to the extent that it deepens its understanding of its users in order to connect with them and manages to translate it into a business model capable of reading changes and opportunities,» emphasizes David Boronat, founder and president of Multiplica.

However, in order to establish a successful innovation process, businesses must overcome a number of challenges, including a lack of resources allocated to innovative projects and the difficulty for the entire organization to adhere to the strategy.

  • Establish a startup mentality that allows it to make mistakes quickly and cheaply in order to take on challenges. They must foster an experimentation culture that allows for trial-and-error, as well as develop some initial MVPs (Minimum Viable Projects) that can evolve over time.
  • Significantly increase your budgets: Innovating, transforming, or even aspiring to reinvent yourself is not free; it necessitates investment and devoting 10-20% of energy and resources to the company’s transformation. The recommendation is to propose frameworks with a two to three-year time horizon.
  • Implement agile cultures and methodologies that allow you to plan your actions over time.
  • Research market trends in order to connect with opportunities and comprehend how they affect the purpose, value proposition, and business model. The strategy can thus evolve in this manner.
  • To prioritize transformational improvements, map the entire customer experience, connecting the context, their expectations, and their needs.
  • Provide the infrastructure required to operate with various metrics that enable the establishment of continuous improvement processes in real time.

Create hybrid work teams that achieve the company’s innovation goal by combining internal knowledge with the attraction of talent that challenges the «status quo» in order to project business evolution. In addition to the ‘in-house’ team, they must rely on external talent, have multidisciplinary partners, and have the most appropriate professionals for each requirement and stage in which they are. They will be able to achieve the required speed, flexibility, and time-to-market in this manner.

The study also concludes that there should be close collaboration between the business and technology sectors. Business leaders must have a good understanding of technology and be involved in the company’s technological decisions, while those in charge of technology must act as business managers, jointly building a technological architecture that allows for innovation and evolution.

The study also delves into the outcomes achieved through the use of technology in innovation processes, the appropriate methodology for deploying a strategy in this area, and success stories carried out by the firm’s clients. It is available for download here: (add link)

Report Methodology: In order to carry out this study, Multiplica sought the advice of its experts who work on innovation projects on a daily basis, as well as conducted interviews with its clients and partners. You have also completed these ‘insights’ through desktop research.