Today we launch a new column in collaboration with Audi looking at how innovation is integrated into some of Hungary’s leading companies. What does “innovation” mean to them? How is it implemented? How is it changing the company?
Aspiring to turn MOL Group into the best-in-class company in Central Europe, the Hungarian oil and gas giant has recently unveiled its “2030 – Enter Tomorrow Strategy”. Beyond its Upstream (exploration), Downstream (refining and sales) and Chemical ambitions, the company has also highlighted the aim of becoming the first choice of customer and primary source of future demand solutions, it tells the Budapest Business Journal.
“On one hand, the gas and oil industry is constantly developing: New technologies, new resources and new market needs are popping up every day. On the other hand, innovation has been an accelerating process for decades already. Professional investment tools, an intensively growing R&D environment and innovation-hungry attitude among developers make innovation a must for all companies,” MOL says.
Furthermore, the group says it is one of the stakeholders at the center of such trends. “Thus, MOL Group is a forerunner in several newly transforming industries. Our continuous investments in the field of the polychemical world, and also in the field of consumer services secure and extend the group’s portfolio and market potential in the future as well,” the statement adds.
MOL Group also established the Open Innovation Hub in 2017 to facilitate the usage of open innovation tools in the company’s innovation processes. One of the hub’s main roles is to connect and involve local and global innovation ecosystems via open innovation toolsets, the company says.
“Innovation has several meanings. From an employee engagement point of view, innovation is the bricks and mortar of a winning community,” MOL pinpoints. “By providing consumer services in eight countries in the CEE region, with around 2,000 service stations and more than one million transactions on a daily basis, all employees need to know that they belong to a future-proof enterprise, all the service they provide should be more than competitive in the market. Customers should also be happy and satisfied with the products, so, in this game, innovation is one of the key assets,” the company says.
From a business perspective, MOL Group — which has operations in more than 30 countries and employs almost 27,000 people worldwide — sees innovation as a must in order to ensure the market position and operational effectiveness in a highly competitive environment.
“At the moment, there are production activities in eight countries and exploration assets in 13 countries. The group operates four refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia. MOL Group also owns a network of service stations across 11 countries in Central & South Eastern Europe,” the group concludes. MOL says that its list of activities and their interferences, together with the value chain development opportunities, have a huge potential for further improvement and development, all driven by innovation.