Client Story: Eurasian Resources Group (ERG)
“At ERG, we strive to be leaders in every one of our business lines. It became clear that setting up an Innovation arm in our organization was key to our continued success. Spyre Group helped us identify the necessary innovation functions we would need and accompanied us in the mapping, development, and implementation of the process, understanding our goals clearly and helping us through every step of the way. They were professional and approachable throughout the entire process.”
About the customer:
Eurasian Resources Group (ERG) is a leading diversified natural resources producer and has become one of the world’s leading mining and smelting groups. The group owns fully integrated mining, processing, energy production, logistics and marketing operations. With a product portfolio in steelmaking materials, non-ferrous and energy, it is the world’s largest producer of ferrochrome by chrome content. ERG supplies electricity in Central Asia, where they are also a large railway operator.
About the project and the challenges:
The project we completed with ERG had several goals:
1. Establishment of the digital innovation arm of the group at a global level
2. Implementation of a structured and measurable organizational innovation process, including investment processes and risk management.
3. Creation and integration of activities with the ecosystem in Israel, Silicon Valley, Brazil, Australia and others.
4. Founding of a corporate investment fund of $300 million, including decision-making processes and more.
The results of the process:
With the project’s conclusion, Spyre’s teams built for ERG a hybrid ecosystem and 3 mechanisms:
1. Digital innovation: a complete process for implementation, decision making, and working processes of digital innovation with the business units.
2. Open innovation: collaborations with the open ecosystem in specific markets, an organizational process between startups and champions from BU’s and decision-makers.
3. Investment fund: investments strategy, due diligence, governance, decision-making processes, risk management, and collaborations.