Finnish Specim Oy, developing and marketing high-tech hyperspectral imaging devices and applications, aims to grow its business to the next strategic level. In 2017, company's turnover reached 12 M€, with 95% of volumes exported globally. The new strategic phase is accelerated by capital investments from Nordic Option and Bocap. At the same time, the company is strengthened with new executives.
Specim is a market leader in its field. The business until now has largely based on research focused clients in various applications, such as remote sensing, geology, and mining. Specim has been systematically focusing more and more to selected industrial segments which possess potential for significantly larger volumes.
"We have almost doubled the turnover and the number of employees in three, four years. Recently we have introduced truly disruptive new product series for industrial use, at the same time targeting many new market areas", says Tapio Kallonen, CEO at Specim. The technology can be utilized in a number of industries, for example in the food industry, the pharmaceutical industry and in recycling of materials, where hyperspectral imaging opens up new opportunities.
With the Trailmaker-concept, Specim created a common view of the baseline, goals and concrete steps for the coming two years. The strategy now drives the company to grow. "The board, the executives and the entire staff are now on the same page. Now we all have the same transparent view of our strategy, key business segments and the goals for the growth. All in all, Trailmaker-process was a good training for us", says Kallonen.
TRAILMAKER is a Finnish concept:
• Tests and concretizes strategy execution through all business functions
• Tests and concretizes resources and competences needed in strategy execution
• Creates a common view between management and owners in three days
• Forms a solid strategic management practice