What is the role of innovation in business success?
Innovation is the engine of progress for any company. Those that stay ahead are able to quickly adapt to market changes and meet the shuffling needs of their customers. In addition, technology offers new opportunities for growth and expansion, allowing business to access other markets and increase their share in existing ones.
In the Ardán innovation report, several key dimensions of business innovation are identified, including investments in R&D&i, adoption of new technologies, process improvements, development of new products and services, and the ability to generate economic and social impact. These dimensions are evaluated using a series of indicators and compared with the performance of other companies in the same sector.
One of the most innovative companies in the Galician region
According to the “Innovation Benchmarking” document, there are several outstanding companies in Galicia. One of them is Coinscrap Finance, “a fintech startup that has revolutionized the way people manage their personal finances”, indicates the business information service of the Vigo Free Trade Zone Consortium. As they point out, at CF we have been developing products for years that allow banking users to save, manage their domestic economy and increase their financial health in a simple and effective way, using technologies such as artificial intelligence, machine learning or data analysis.
As the indicators show, Coinscrap Finance invests a significant part of its profits in R&D&I, which has allowed us to obtain a very high score in the innovation index. This shows that we excel in areas such as revenue growth, economic profitability and labor productivity. Do you want to know the secret? We owe this in part to participation in public financing programs for innovation, diversification into emerging sectors and the adoption of disruptive technologies.
Thanks to our business vision we have been able to reach position number 13 within a sample of more than 6,126 companies. As the innovation report states, the 48 companies that have achieved the “Innovative Company” distinction in this edition…
These results motivate us to continue innovating and face the new year with a boost of energy!
Strategies for success: surround yourself with the best partners and investors
Ardán also highlights the tactics used by leading companies in Galicia. These strategies include collaboration with research organizations as an important part of their trajectory. In our case, we have been collaborating for years with the University of Vigo, which allows us to access specialized knowledge and additional resources to promote innovation in the financial world. From that collaboration, our own AI engine, COCO, was born, which is the basis of our developments.
Another key strategy is participation in the programs that accelerators make available to startups. By taking advantage of these programs, it is possible to obtain the financial resources necessary to carry out R&D&i projects and launch new products and services on the market. Diversification into emerging sectors has also been an effective strategy to foster innovation in the region. Companies that identify opportunities in technologically advanced sectors and develop key competencies in those areas can generate new business quickly.
To achieve success in all these areas, it is important to have the best travel companions. In our case, we have surrounded ourselves with large investment groups, such as Indexa Capital or the Bankinter Innovation Foundation, and by a committee of advisors who will push Coinscrap Finance to the next level. With them we have launched disruptive technologies that are changing the way people relate to their finances.
Here is a summary of everything we have done this year of innovation!
Our origin, an important part of the secret of our success
Technologies such as artificial intelligence, machine learning and predictive analytics have transformed entire industries and are enabling the development of new business models. In Galicia, the Ardán innovation report highlights companies like Coinscrap Finance, for our strong commitment to innovation and the prominent role we play in promoting change in the financial industry. Analyzing the market to detect concerns of end users is our specialty and that is why large international banking entities have trusted us.
We are proud that the Vigo Free Trade Zone Consortium and its business information service, Ardán, value our daily work and help companies in the region with their support services, collaboration projects and market analysis work of the business situation in Galicia. All the strategic information they collect favors competitive improvement and makes useful information about each sector available to companies, which enhances decision-making.