Perspectives in Latin America: How do companies innovate in Colombia?
Colombian companies are committed to innovation. That is today’s reality, supported by data collected in the innovation ranking drawn up by the country’s national business association Asociación Nacional de Empresarios de Colombia (ANDI) and the publication Revista Dinero. What is more, the results of the ranking highlight that the most innovative companies are those with the best economic performance.
Cementos Argos, Corona, Procaps, Ecopetrol and Alsec are the Colombian companies that occupy the first five positions in this ranking, which evaluates 322 organizations in total. It should be highlighted that the combined income of these companies represents 23% of the country’s GDP.
Colombia, innovation open to internal talent
The ranking also highlights the fact that Colombian companies are immersed in the process of changing their innovation strategy, opting for the generation of a corporate culture that opens innovation to participation and collaboration from their entire workforce.
In this regard, the corporate innovation programs of the largest and most important Colombian companies are fundamentally built on three pillars: channels to generate and manage new ideas, with the support of technology, and offline actions like workshops and innovation labs.
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Why are Colombian companies so clearly committed to innovation? According to the ranking, 98% of all surveyed companies promote innovation to remain relevant in the marketand be competitive. They are also interested in innovating to consolidate their position as organizations who contribute to the country’s growth.
One of the main advantages companies find for the promotion of innovative practices is the opportunity of take full advantage of the talent within their team, and to detect new business lines.
Colombian commitment to innovation is reaping rewards
Lastly, innovation is used by the companies analyzed to launch an average of 32 new products every year.
Also, 14% of their sales are a direct result of innovation, representing 30 billion dollars in profit.
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