Our market and industry are rapidly changing and, in an effort, to remain relevant, competitive, and ahead of the curve, being innovative is critical as it allows adaptability, fosters growth, and promotes successful business and work environments.
Change, as we know it, is constant; however, when it’s caused by disruption it can have significant impacts on how we operate. By pioneering innovation, it allows us to overcome these challenges and allows us to adapt relatively quickly to the sudden changes in the market. Innovation also fosters various types of growth, not only at the business/financial level, but also at a personnel level.
Innovation is the practical implementation of ideas that result in introducing or improving goods or services. However, when organizations employ innovation, they are looking to:
- Implement new ideas and thought processes
- Launch new products or services
- Streamline and being about efficiencies to the existing business model
- Solve a business plan pain point
- Improve the overall client/employee experience
- Stay ahead of the curve and remain current
As an industry, we have generally been slow to adapt and bring about innovation. As the adage goes: “I’ve been doing this like this for 30 years…” and we all know what this leads to. And yes, when we as an industry move forward, often we are hindered by codes and ordinances. However, the power of collaboration and the power of one voice, can move us leaps and bounds. As an industry we need to be more focused than ever before and collectively, be it architecture, engineering, manufacturing, and construction, we need to work together to become more innovative.
Innovation is easier said than done. It requires collaboration, time, and financial resources. It also requires a lot of open communication between stakeholders and third parties, and in some instances, the process may make one feel vulnerable, but we must be open to that feeling. However, the key to bringing about innovation is to bring employees and stakeholders into the process and foster open collaboration.
Remember, innovation is not a buzzword. Future success is dependent on innovation. According to McKinsey, a leading strategy and corporate finance consultancy, 84 per cent of CEO’s believe innovation is critical to growth; 80 per cent of business models are at risk; and six per cent of CEOs are satisfied with their innovation performance.
So, what are you going to do to foster and lead innovation?
Yours in service. I am CSC.