This chapter describes and analyses the development of innovation management capabilities at Södra, a large forestry group based in the southern part of Sweden, between 2014 and 2020. Applying the framework of "ISO 56002:2019 Innovation management - Innovation management system - Guidance," on the different aspects of innovation management at Södra reveals that most of the critical elements of the system have been addressed to various degrees. Driven by both necessity and opportunity, the new innovation strategy and process from 2014 paved the way for focused strategic innovation arenas and roadmaps that were instrumental for the innovation achievements during the period of this case study. With even more significant innovation challenges ahead, foremost related to the transition to a circular and bio-based economy, Södra has identified the next iteration of improvements to its innovation management system that can include an even more focused strategic direction for innovation, stronger top management commitment, clarified roles and responsibilities and improved communication efforts.