If ideas can be expressed in monetary terms, PUB is $28 million richer three years after introducing the $10K Ideas Challenge initiative.

Introduced in April 2004, the $10K Ideas Challenge has seen 593 staff ideas, each of which creates value of $10,000 or more for PUB.

Round Five of the $10K Ideas Challenge has netted savings of $5.62 million, with more ideas coming in Round Six.

The $10K Ideas Challenge initiative plays a key role in PUB's innovation strategy that empowers staff of various levels - professional, managerial and operational - to embark on projects that will add value of at least $10,000 to PUB.

It aims to nurture a culture of continuous innovation and to cultivate a safe-to-fail environment.

As PUB's Chief Executive Khoo Teng Chye said, "Innovation is about risk-taking, so we will recognise that not all ideas will work, but we must be willing to try them out. And if they don't quite succeed, we can change or discard them, and encourage those who have dared to accept and implement them to try again."

The $10K Ideas Challenge and PUB's holistic innovation strategy was also cited as one of the key factors that contributed to PUB winning the coveted Singapore Innovation Award, the highest accolade given to innovative organisations in Singapore. Despite this, it is important not to be complacent and rest on our laurels.

"Apart from the savings, what's more important is to empower employees and inculcate in them the desire to innovate. Everyone can create value in their work by constantly challenging old paradigms, reviewing current practices and finding new ways to do our work better," added Mr Khoo.

By ALLISON CHING