Innovation at Whirlpool - Creating a New Competency
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"You begin to see the magnitude of infrastructure that has to change to support it (plans to reinvent the corporate culture to embed innovation as a core competency). And remember, we weren't adding on to a core competency. We were creating one that didn't exist." 1
- Nancy T. Snyder, vice-president of leadership and strategic competency development at Whirlpool Corp. in 2004.
"Plenty of other companies are taking notice of Whirlpool's success. Over the past few months, the company has hosted delegations from Hewlett-Packard, Nokia and Procter & Gamble - all eager to benchmark their own innovation programs against Whirlpool's." 2
- BusinessWeek3 in 2006.
Innovation Fuels Growth
On April 25, 2006, Whirlpool Corporation (Whirlpool) reported net sales of US$3.5 billion for the first quarter of 2006, up 10% compared to the corresponding period of the previous year.
Whirlpool had come a long way from where it had been in the late 1990s when it was faced with stagnation in revenues, profits, market share, as well as share price.
1] Kathleen Melymuka, "Innovation Democracy," www.strategos.com, February 16, 2004.
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