78 INDORAMA VENTURES PCL. VISION - TO BE A WORLD-CLASS SUSTAINABLE CHEMICAL COMPANY MAKING GREAT PRODUCTS FOR SOCIETY. OUR APPROACH TO INNOVATION Our approach to innovation is distinctive: incorporating six elements: 1. Product innovation, which is linked to our vitality index 2. Process innovation that increase yields and quality through process improvements 3. Environmental innovation which promotes sustainability through our value chain 4. External collaborations that create new revenue streams and increases differentiation 5. Open innovation which drives us to find better, safer, more cost-effective ways to solve problems 6. Research and Development that promote internal creativity More information on these six categories as well as the systems we employ, such as the Stage-Gate system and our Innovation Governing structures, please visit our website. In line with our approach to innovation, we have a robust Innovation Management system and acknowledge its importance in strategies for continued success. It includes the evaluation of existing systems, practices, and incremental improvements to existing products and processes. In addition to this, we also firmly believe in the importance of innovation in improving process efficiencies that translate directly to sustainability impacts by incorporating it into our decarbonization strategy. Innovation is at the heart of a sustainable business. At IVL, we measure our innovation-linked performance in part through aVitality Index which demonstrates the revenue generated from the sale of products developed during the last five years. In 2021, we met our vitality index targets in for the IOD and Fibers business segments – this demonstrates how well we are meeting customer needs and also shows that we are successfully selling products that are more sustainable, as our newer products have been designed taking into account environmental considerations and other key sustainability related considerations. While our new product revenues were close to target for Specialty PET, the Vitality index was impacted by increased demand for products greater than five years old in existing and new applications. Combined PET Business Target 34% Actual 31% Target 22% Actual 23% Target 18% Actual 22% Target 31% Target 23% Target 22% 2021 2021 2021 2022 2022 2022 Fibers Business IOD Business VITALITY INDEX INNOVATION MANAGEMENT FOCUS Circular Economy Product Innovation Process Innovation Environmental Innovation Open Innovation Research and Development FOR MORE INFORMATION Chief Strategy Officer Message Chairman of the ESG Council Message Key Achievements 2021 CEO Message IVL’s Sustainable Value Creation for Stakeholders Home
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