Enhancing Innovation in the EPC Industry

We have a problem with innovation in the EPC industry. The data analysis and research compiled show survey results in five areas: (RS243-1, p. 11)

• Innovation Perception
• Innovation Actions
• Innovation Processes
• Innovation Funding
• Innovation Drivers 

The research shows survey results in several areas, including:
 
Perception of how innovative the EPC industry is currently. 
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Perception of how innovative the respondent’s organization is in comparison to the EPC industry. 
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Where innovation is most needed in the organization.      

The research provides five key enablers for innovation. (RS243-1, p. 21)

1. Innovation is a foundation of the organization culture.
2. Budget allocations must be made to support innovation.
3. Resource allocations must be made to support innovation.
4. Processes must support innovation.
5. A new risk perspective should be adopted.

The research provides a model to assist organizaitons in determing their status as innovators. The following eight attributes are found to lead to successful identification, adoption, and diffusion of innovation in the EPC industry. (RS243-1, p. 23)

This model was developed to communicate why and how organization should change their perspective on innovation investment and return. The key to enhancing innovation in the EPC industry is to provide the decision maker with a reasonable level of confidence that investment in innovation will not lead to unreasonable risk. (RS243-1, p. 27)

 
See Implementation Tools for further details.

RS243-1, Economic Model

Supports the recommendations of the IMM by illustrating and communicating the long-term benefits of innovation investment. (RS243-1, p. 27)