Innovation in electric industry: Transelec increases company value.
Electrical Power Transmission System
Opportunity for growth
Transelec transmits the electric energy which illuminates Chile at full, with more than 10 thousand kilometers of single and double circuit transmission lines and close to 60 substations. This is how electricity is provided to 97 percent of the Chilean population with a continuous supply that is guaranteed. In 2015 by going ahead on a series of regulatory changes for the industry, the company decided that it was time to incorporate radical systems and methods which confronted this new scenario and at the same time assured the sustainable growth of the business.
Innovation begins in Transelec
Faced with this scenario, INNSPIRAL was chosen as a strategic partner of the electrical transmission company to strengthen the capacities needed in order to tangibilize and systemize innovation. This included the defining of focuses and goals, as well as the creation and operation of the innovation portfolio projects, which needed to guarantee results in terms of company value. All of this process would occur under the framework of the INNSPIRAL innovation management system, which was also created and aligned with the company strategy. Furthermore, at the start of the project an Innovation Intensity follow-up dashboard was implemented to measure and monitor the progress of the initiatives with continuous monitoring from INNSPIRAL and the executive team of Transelec.
Results of innovation
One year since the start of the project, the innovation at Transelec has produced results. 32 projects have been created as a result of the systemization and innovation management, all of which were active and in different stages of development in 2016. The workshops organized by INNSPIRAL have summoned more than 150 participants at all levels of the company, proving the power of innovation to connect with the culture of Transelec. In terms of results, in 2016 a 7.5 percent increase in company value was generated as a result of this management, among other positive indicators. This made it possible for Transelec to receive First Place in the category Utilities-Large Companies for a second consecutive year on the Most Innovative Companies Chile study. In 2017 innovation portfolio projects are projected to contribute to 30 percent of the growth of the company value.