DUBLIN (April 25, 2017) – Todd Graves is Allegion’s senior vice president, engineering and technology. Here are his thoughts on Allegion's innovation, and what it means.
What is Allegion’s Vitality Index and why does it matter?
The Vitality Index is used by many companies to measure how innovative they are. It reflects revenue from new products created in the last 36 months as a percentage of total revenue. The index shows the importance a company places on continual innovation. Shortly after Allegion spun off from Ingersoll Rand, the Vitality Index was in the single digits. It has since tripled and is now in the high teens. This shows how Allegion has shifted its investments toward driving growth through innovation.
I’ve heard you say we are committed to open protocols and platforming. How does that drive growth in the Vitality Index?
Allegion is committed to creating products that are fast and easy to integrate into other systems. This means our customers can adopt our innovations quickly, increasing our revenue from new products and the Vitality Index as a result.
Platforming allows us to develop key technologies, such as Bluetooth or Wi-Fi, and deploy them into our products around the world quickly and effectively. These platforms eliminate duplication across geographies and product families, making our engineering and product development efforts much more efficient.
How do you address the complexity of being a global company?
Generally speaking, security products are very different from region to region and country to country. Codes and standards are different. The way products mount to doors and frames, or connect to external power, can be very different. Even radio frequencies that are used for some wireless communications can be different. These differences make it very challenging to offer products that can be used as-is in multiple countries. Because of that, for many years we ran our engineering teams on a regional basis, focused on developing products locally. But since Allegion became an independent company, our focus has been on developing technology platforms to address global needs, while maintaining the ability to “localize” and still address regional differences.
Our engineering teams around the world now collaborate on technology development, greatly increasing the speed with which we can get new technologies to market. The complexity of regional differences is still there, but through collaboration on key technologies we are accelerating innovation in every market we serve.
Allegion (NYSE: ALLE) is a global pioneer in safety and security, with leading brands like CISA®, Interflex®, LCN®, Schlage® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion produces a range of solutions for homes, businesses, schools and other institutions. Allegion is a $2 billion company, with products sold in almost 130 countries. You can find more information at www.allegion.com.
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