Sustainability Management in Economic Dimension Innovation and Product Development Opportunities and Challenges In the aftermath of the COVID-19 pandemic, simmering trade war and Russia-Ukraine war and interest rate hikes to curb high inflation, the global economy and international community have been hard hit by adverse impacts amid bleak outlook. Innovation has become a key strategy used by many companies struggling to maintain or improve competitive edge and to ensure sustainable growth. IRPC was no exception. Ever mindful of the importance of innovation, the company has made innovation the main strategy enabling the company to achieve objectives and goals in accordance with its vision and mission. In addition, innovation is also recognized as the main driver of economic, environmental and social sustainability. Therefore, innovation is seen as a strategy that can create business opportunities and sustainability for the company, as well as offering solutions to meet the needs of stakeholders, improve the quality of life of the community, the betterment of the society at large and protect the environment. Strategy and Goals IRPC Innovation Center operates under the framework that consists of 3 components: 1. Core Uplift 2. Expansion to Adjacent Businesses, and 3. Step Out Businesses in quest of new opportunities. Such strategic framework is in alignment with the IRPC’s vision “To be the center of excellence in material and energy innovations to expedite sustainable growth,” in line with the company's strategy with an emphasis on the research and development of innovations in Advanced Materials, Health and Life Sciences, Circular Business, Future Energy, and Energy Storage. The company’s innovation management is subject to supervisory oversight of the Innovation Management Committee (IMC), chaired by the CEO and President, while vice presidents, and executives in charge of relevant departments serve as members. The IMC is tasked with supervising innovation development in terms of policies, procedures and resource allocation with a view to fostering sustainable growth of the company. PORTFOLIO FOCUS STRATEGY ENABLER IRPC Innovation Center Strategy and Enabler To be center of excellence in material and energy solutions to expedite sustainable growth Transform knowledge and expertise to revenue through innovation Seamless Alignment to Achieve 52% of Specialty Products Join 500 MB EBITDA from New S-Curve Business Incubation Gain 65 MB Revenue from Innovation Solutions Advanced Maternal Energy Storage Health & Life Science Future Energy Circular Business VISION MISSION TARGET Material Solution Energy Solution Strengthening the Core Striving the Growth Sustaining the Future 4 Core Behavior Digitalization • Integrity & Ethics • Commitment & Accountability INNOVATION TO INTEGRATION 1 INCREMENT 3 INCUBATION 2 • Teamwork & Unity • Innovation 115 Business-Driven Sustainability IRPC PUBLIC COMPANY LIMITED
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