In 2018, the company generated total revenue of approximately 1,615.6 million EUR with 10,780 employees.
Innovation and the continued internationalization of products, processes, and services, along with increased flexibility, form the three pillars of the corporate strategy that are already being implemented. To address the challenges and opportunities of digital transformation in a focused manner, a fourth pillar has been added to the proven strategy: PALFINGER 21st stands for new core competencies, new approaches, new products, services, and business models in the digital age.
To develop radical and disruptive technologies, products, and solutions within the PALFINGER 21st Innovation Incubator, 3DSE provided methodological and substantive support in developing the PALFINGER 21st strategy, as well as in designing and implementing an innovation framework. The targeted integration with—and at the same time, healthy distance from—PALFINGER’s core organization enables innovation through both organic and inorganic means.
The PALFINGER 21st Innovation Framework offers a clearly structured yet flexible process for effectively generating and implementing ideas within a secure framework. Specific metrics for innovation governance ensure the framework’s efficiency.
The “Strategy Radar” identifies areas of innovation in order to tailor innovations specifically to future requirements. An “Innovation Think Tank” serves as a platform for knowledge transfer within the company’s global innovation network to identify relevant application areas and future fields of innovation. Enriched by analyses of global technology, market, customer, and socioeconomic trends and their impacts, an innovation thesis is formulated and innovation fields are defined.
Subsequently, ideas are specifically generated, shaped, and developed into validated business models within the “Innovation Engine.” This process makes use of effective methods for idea generation (e.g., hackathons, idea competitions, innovation cells, design thinking, etc.), the creation of business models, and the validation of concepts through the development of MVPs (Minimum Viable Products), early customer involvement, and due diligence reviews.
A global network of accelerators, startups, and research institutions ensures the necessary input of ideas and potential solutions. Building a powerful team of creative minds and bold implementers enables effective execution. Setting up a “base camp” creates space for innovation where the innovation network can come together and actively foster innovation. This also promotes the company’s culture of innovation and offers employees the opportunity to be part of radical and disruptive innovations.
“Through intensive collaboration on the content during workshops with the PALFINGER 21st core team and 3DSE, we were able to develop a customized, targeted framework concept and a strategy map for the next five years, and to reach agreement on them with the executive board and key stakeholders.”says Philipp Smole, Executive Vice President of the PALFINGER 21st innovation division. “We are also relying on 3DSE during the implementation phase to set and achieve the right priorities.”
