Ramboll’s Internal Innovation Programme delivers Positive Change
An amazing story of how Ramboll’s internal innovation programme and processes have driven significant results and positive change impacting their bottom line.
Internal corporate innovation is still a challenge for most leading insurers. However, organisations outside of the insurance industry are experiencing significant step changes within their business by focusing on their greatest assets, their employees. Insurers should take the models demonstrated by organisations like Ramboll as blueprints for their own internal growth and development.
Ramboll is a leading engineering, design and consultancy company founded in Denmark in 1945. A global company they employ more than 15,000 experts globally with 300 offices in 35 countries. A traditional bricks & mortar business founded just after the second world war, they were experiencing many of the same challenges the insurance industry is facing. Their business model was under pressure, and they were experiencing low single-digit profit growth. Impacted by legacy systems, Ramboll was significantly behind the curve on their internal digital transformation; unable to move as quickly or as effectively as others, they were starting to see, and in some cases feel, the impact of new disruptors entering the market.
From their internal corporate 20/20 programme in 2018, three final teams were able to generate £300k worth of revenue in the incubator alone. And from this initial set of ideas, over £1.5m revenue is forecasted in 2019.
In 2019, 25 teams were selected to enter the discovery lab of which seven were nominated to progress to pilot lab. Management initially requested a maximum of five progress, but due to the high quality of entrants, this was expanded to incorporate the full seven.
In 2021, Ramboll expects to generate 18 million USD revenue via seven “internal startups”, none of which existed at the start of 2018.
Don’t miss this video from Ramboll as they give everyone a personal take on what they’ve succeeded with internally.