Innovation is key to the growth of a company, whatever its size. To drive this process effectively, it is necessary to understand, analyze and optimize each step of its value chain. Reviewing how products are manufactured or services are provided, as well as all the tasks that are performed (paying special attention to the differentiating values compared to the competition) is fundamental to continue moving forward and increase productivity and sustainability.

The first step is to identify the company's value chain, in which two different stages are usually distinguished:

• Primary value chain. Set of processes that take place in the company from the entry of raw materials through manufacturing and distribution to customer satisfaction.
• Secondary value chain. Set of activities that, while essential to the daily operation of the company, are not at the root of the value creation process for customers: administration, human resources, accounting and finance, internal management, etc.

Once this has been done, it is important to reflect on which processes can be optimized or outsourced. The second step is to explore market knowledge to find out what technologies are available and identify those that are best suited to the SME's competitive challenges. And finally: implement and learn how to use technologies to continue to respond effectively to market challenges.

Digital transformation technologies, such as robotization or artificial intelligence, represent a clear example of process innovation and represent a major revolution in the industrial value chain. For example, the so-called digital twin, consisting of a digital representation of a physical object, process or service: a jet engine, a ship, a building, a wind farm, etc., stands out. These virtual replicas are used to make simulations before changes are created and implemented in the real objects, in order to collect data to predict how they will work.

Innovation in circular processes is also a process full of opportunities for companies, contributing to rethinking the value chain: reducing the carbon footprint, increasing efficiency and business value or reusing waste.