Challenge
A leading car manufacturer is constantly growing and diversifying its portfolio through innovation and new product development.
However, in order to optimize the creation of value and to make the right investment decisions, corporate executives demanded a more effective means to define and manage the company’s innovation strategy.
Solution
The company implemented Radar to map out and execute the entire corporate innovation strategy amounting to over 1000 projects and spanning numerous business functions, brands, production sites, and geographic locations.
The Radar solution was used to build a roadmap and to closely track projects from their ideation through implementation and complete realization of financial impact.
While presenting a clear high-level view of the strategy, Radar also provided an ability to dig deeper into details: to analyze the requirements that served as the basis for an idea or a product and to monitor projected and actual financial effects.
Results
By using Radar as an integrating solution and thereby making the audit process more efficient, the company reduced audit costs by 23%.
The overall optimization of financial reporting has also resulted in improved cash flow. The company no longer has millions of euros in unpaid invoices and can close projects without delay.
