Accelerating internationalization – Case iLOQ09.04.2021
The foundation on which iLOQ is developing the company is in a condition that many other companies could rightly be envious of. The several-year lead on the competition is a rare treat, particularly in a market that is growing rapidly.
- The company has a comprehensive roadmap that guides the choices
- iLOQ has a coherent, systematic way to expand into new countries
- A decision to invest a large part of the growth to generate new growth
Market growth and good products alone do not create business. The competitors are conducting their own development work and catching up with iLOQ. That’s why the company must develop something new and conquer the market more quickly than it is now.
This is the situation in which iLOQ started to construct a growth-oriented strategy to support export.
Everyone must lay their own export path
iLOQ chose Talent Vectia (currently called Verona Consulting) to assist it in the strategy work. CEO Heikki Hiltunen found it important that significant number of management group members and key persons from the operative level participated in the creation of iLOQ’s new strategy. If the strategy is constructed by only a few people, the view often remains too narrow.
Previously our operations were based more on products and technology. In connection with the new strategy, we have approached our business operations in a more comprehensive way by examining them from the perspective of the market”,Heikki Hiltunen, toimitusjohtaja, iLOQ.
In accordance with the new strategy, iLOQ developed a coherent model, which it will use in proceeding to new markets. “Now we determine, for instance, the market’s potential, target segments, and the competitive situation in more detail than before. It is also very important to reflect upon what kind of competence is needed on the new markets”, says Hiltunen.
Systematic growth model
The strategy that was just created is a roadmap, with the aid of which the company can proceed for a few years. Clear numerical objectives have been specified in the strategy. In addition, it has also been recorded that over the next few years, the company will invest the majority of its proceeds in new growth.
”In the new strategy, we have approached our business operations in a more comprehensive way. It helps in making choices and prioritizing”, says Heikki Hiltunen.
The latest project at iLOQ is the development of a lock that functions using mobile technology. While developing the mobile technology, iLOQ is already devising a business strategy for the new solution, which is also being accomplished with Talent Vectia as the partner.