Ulterra’s New Innovation Incentive Program
Ulterra has long focused on achieving operational success – from their lean manufacturing and supply chain to their rapid prototyping business model. In addition to focusing on operational success, Ulterra has introduced a new Innovation Incentive Program, further promoting the cultivation of new ideas enhancing their success.
The decision is significant, yet in perfect alignment with Ulterra’s history of entrepreneurship. Ulterra has cultivated a culture that promotes the empowerment of their people, speed in their design and manufacturing, and continuously looking for new problems to solve. This enthusiasm has led Ulterra to achieve efficient operations with a focus on the customer.
This customer-centric approach will be led by doubling down on a collaborative strategy for rapidly solving customer problems with the very best solutions. Ulterra’s new Innovation Incentive Program is designed to encourage our innovators to collaborate with their marketing and sales team to develop these new and advanced solutions for their customers and the industry.
Ulterra’s Innovation Incentive Program is designed to promote the innovation of new technology to improve operations and solve problems for their current and potential customers. The intended result of this initiative is accelerated innovation for the overall improvement of the industry altogether.
Through this initiative, Ulterra hopes to promote the identification of new opportunities by learning what challenges are faced by our customers and the industry as a whole. With customer expectations on the rise, the need to develop innovative solutions to support the growing demands of the oil and gas sector is more prevalent than ever.
Innovation Incentive Award
The Innovation Incentive Award program has two stages, each designed to reward innovators for their contributions to Ulterra and our customer successes. First, when global sales of an eligible product reach the threshold dollar amount set by Ulterra’s Innovation team, the employee(s) will receive a celebratory plaque, and a celebration to honor the achievement. In addition, in order to align innovation efforts with customer value, they will receive a monetary award based on a percentage of sales. In the second stage, when this eligible product reaches the next threshold dollar amount, another monetary incentive will be rewarded.
Any Ulterra product is eligible for recognition under the program provided that the product was subject of patent or patent application and first sold in the US market on or after August 1st, 2018. The inventor(s), awardee(s), on the patents and patent applications must be a full-time employee, both when the innovation was developed and when all the criteria for achieving the award are met. Both product eligibility and employee eligibility must meet the legal obligations set by Ulterra’s legal department.
Ulterra’s Shared Goal
The objective of this Innovation Incentive Program is to continue to encourage and engage the innovative and entrepreneurial spirit of all of Ulterra’s employees. This initiative will help put innovative solutions quickly in the hands of our customers for their success. If our customers are successful, Ulterra will be successful.
Growing from an unknown supplier to an industry leader, Ulterra has developed drilling solutions and innovative PDC technologies to help customers maximize drilling operations. Ulterra’s success is driven by their people and their desire for accountability to the results of customers’ operations.