Our R&D Efforts are Driven and Coordinated Across our Businesses R&D investments are identified by each business area to complement its business strategy, product focus as well as to develop its technological leadership. Our GTO identifies and develops strategic technology capabilities, with a strong focus on advanced technologies, that can be leveraged across the various business areas. In 2022, we established the group’s technology roadmaps on 5G, quantum technology, advanced materials and alternative energy technology. Our GEC has five engineering competency centres with a common pool of skilled engineers in data analytics, video analytics, cybersecurity, smart Maintenance, Repair and Overhaul (MRO) and autonomous systems of systems. We have gradually delivered solutions in these five areas through a common software platform with reusable components that increases their development speed and quality. Read more about our new products and solutions We Encourage and Facilitate Innovation Our innovation approach comprises driving synergy and deepening capability building in the Group, as well as leveraging external capabilities to accelerate innovation. We are focused on developing technologies that place us at the digital forefront. Drive Synergies and Deepen Capability Building We focus on finding synergies in our existing products and services, and enhancing our capabilities in key technological areas. Efforts include: • Improving our core engineering capabilities • Forming strategic technology centres • Leveraging business needs for product development We cultivate a culture of innovation through many initiatives. These include employee training on topics such as Design Thinking, organising webinars to drive cross-business engagement and collaboration, conducting design clinics, and organising our annual innovation competition – InnoChamp. Over 1,700 Full-Time Equivalent R&D Roles in the Group InnoChamp The annual InnoChamp competition serves to celebrate the innovative spirit of our people and innovations that they have made to the products and business models of our existing businesses. These achievements help us to continue to create value, differentiate ourselves and gain a competitive edge. The Group also has a broad spectrum of capabilities, reflected in the entries of InnoChamp, which makes us unique among organisations and contributes to our differentiated capabilities. InnoChamp underscores our commitment to innovate in both disruptive and incremental ways. To further increase our growth, we will also need to collaborate to create synergies and find ways to scale our products in our existing businesses. In.Vent In.Vent focuses on creating completely new businesses from new ideas based on products, technologies or solutions that will create new markets for the Group with the possibility of setting up and running a new line of business. In 2022, a second challenge saw strong participation across the Group, where three finalists were selected to go through a 10-week Venture Building sprint to further develop their business plans and go-to-market product strategies. In.Vent challenges us to conceive and develop new businesses through innovative products, services and business models that disrupt the status quo. This will help drive us towards our aspiration of becoming a global technology, defence and engineering powerhouse. OVERVIEW OUR SUSTAINABILITY APPROACH ECONOMIC ENVIRONMENTAL SOCIAL GOVERNANCE INDEX 29
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