18 May 2010 07:00
18 May 2010
Afton Chemical Sparks "Passion for Solutions"
with Sopheon's Idea LabTM Software
Deployment Augments Company's Earlier Adoption of Sopheon Software for
Innovation Process Automation, Portfolio Management and Resource Planning
MINNEAPOLIS and LONDON - May 18, 2010 - Sopheon, the international provider of software and services for product lifecycle management, announced today that Afton Chemical, a global leader in the manufacture of lubricant and fuel additives, has selected Sopheon's Accolade® Idea Lab idea development solution to enhance the company's product innovation processes. Already a user of Sopheon's software for innovation process automation, portfolio management and resource planning, Afton Chemical will deploy Idea Lab to generate, nurture and develop new product ideas. Initial implementation will provide access to the solution for all Afton Chemical employees in the company's EMEAI (Europe, Middle East, Africa and India) region.
Innovation is an important area of strategic focus for many of today's chemical manufacturers. In a recent PricewaterhouseCoopers survey, 65 percent of the participating chemical company CEO's said they plan to increase their investments in research and development over the next three years. That was more than any other sector except entertainment and media. A separate study determined that the top innovators will gain an edge over their peers from two factors: successful management of their product portfolios and strong idea management.
For Afton Chemical, the quest to improve ideation sprang directly from its growth strategies. "Our business goals are ambitious and challenging," said Alan Cotter, senior product manager for Afton Chemical's EMEAI region. "They are built around providing customer-based solutions within our existing markets. We have an excellent record of new product development, but saw a need to develop an enhanced approach to generating and capturing new ideas across the organization."
As a start to crafting that approach, a cross-functional team was formed to define the organization's ideation requirements. Emphasis was placed on key process features, with ease-of-use and administrative simplicity ranking high on the list. When it came to support for workflows of ideas, a telephone-based system was considered, as were several software solutions. According to Cotter, Sopheon's Idea Lab was chosen "because of its robust functionality, user friendliness and minimal administrative support requirements."
Idea Lab provides Afton with a comprehensive set of consistent, sustainable methods for successful ideation. It can be used to launch and manage campaigns, publicize and motivate participation, and establish communities of innovators within which ideas can be solicited and shared. The software supports scoring and filtering of ideas and provides a commons where users can converge, exchange thoughts and enhance concepts. Afton Chemical expects that, in addition to helping generate more high-value ideas, Sopheon's Idea Lab will encourage greater employee involvement and collaboration in innovation activities.
"Our company has a history of innovation," said Mike Lewis, vice president for Afton Chemical's EMEAI region. "Sopheon's idea development solution is intended to support us in our drive to establish 'Passion for Solutions' at the heart of our business."
Accolade® and Idea LabTM are trademarks of Sopheon plc.
All other trademarks and registered trademarks are the sole property of their respective owners.
For further information contact:
| Barry Mence, Chairman | Sopheon plc | Tel : + 44 (0) 1483 685 735 |
| Arif Karimjee, CFO | Sopheon plc | Tel : + 44 (0) 1483 685 735 |
| Justine James / Kirsty Corcoran | Hansard Communications | Tel : + 44 (0) 20 7245 1100 |
| Floor van Maaren | Citigate First Financial | Tel : + 31 (0) 205 754 010 |
| Catherine Leftley / Jonathan Wright | Seymour Pierce Corporate Finance | Tel: +44 (0) 20 7107 8000 |
About Afton Chemical
Afton Chemical Corporation is a wholly-owned subsidiary of NewMarket Corporation (NYSE:NEU). Afton Chemical develops and manufactures petroleum additives that boost the performance of fuels and lubricating oils to achieve increased efficiency, power and durability in machinery, vehicles, and other equipment. From custom-formulated chemical blends to market-general additive components, Afton Chemical technology helps fuels burn cleaner and more efficiently, engines run smoother, and machines last longer. For more information, please visit www.aftonchemical.com.
About Sopheon
Sopheon (LSE:SPE) is an international provider of software and services that help organizations improve the business impact of product innovation. Sopheon's solutions automate and govern the innovation process, enabling companies to increase revenue and profits from new products. Sopheon is listed on the AIM Market of the London Stock Exchange and on the Euronext in the Netherlands. For more information, please visit www.sopheon.com.