Tag Archive: innovate

Is Digitization Hype?

March 8th, 2017

Well, let’s start with a definition of digitization. According to CIO.com, McKinsey defines it as technologies that virtualize and automate products, services and supply chains. We certainly hear about digitization in the news frequently; however, according to McKinsey, even though CIOs embrace it, digitization is a slow-moving process.

On the other hand, don’t see this as an opportunity to take a break. According to McKinsey, 49% of the leading companies are investing in digital more than their counterparts do, compared with only 5% of digital laggards. Perhaps it is an opportunity to leapfrog the competition?

technology

What Should We Consider and/or What Impacts Could Arise?

Digitization isn’t going to take over our day-to-day operations anytime soon; however, if we want to lead in our industry and provide exceptional service to our customers, we better get ahead of this curve, no matter how slow-moving at the moment. If Amazon has proved anything, it is that everything can change in a heartbeat. Thus, we should get our strategy going and think about what digitization would make sense in our industry. What would help us provide a superior customer experience? I find that is always a good place to start to spur thinking.

It also makes sense to research the best practices in digitization (regardless of industry). After all, if it is a slow-moving process, we cannot rely on our competition and colleagues to be on the leading edge to push us to innovate. Instead, we need to explore what’s working for completely different industries and think about how it could apply these ideas to our industry. With that said, be selective and smart. Do your due diligence but don’t get overly excited about digital technology that won’t provide a competitive advantage or significant value for your organization. Empower your people to open their minds and ideas will flow. You’ll find a gem out there somewhere.

 



Innovation

January 30th, 2017

I am the Chair of the Innovation Awards of the Manufacturers’ Summit for the Inland Empire, and we have been quite busy preparing for this Friday’s summit (see below). It is important to encourage innovation for the obvious reason that if we do not innovate, we will stand still. And, if we are standing still, we end up moving backwards while our competition passes us. What have you innovated lately?

One tip to implement this week:

Innovation is certainly not something to accomplish in a week; however, it is definitely something to start this week. My best clients innovate by inspiring and rewarding creativity. The executives provide a vision of the future and encourage employees and partners to innovate. As my consulting mentor says, innovation is applied creativity. I bet you have a LOT more innovators (or potential innovators) at your company than you realize.

Are you creating a culture of innovation in your company, department or just with your colleagues? Start by encouraging thinking and testing of ideas. Find areas where you’ve already innovated and apply for next year’s awards. Make sure your employees and colleagues are recognized for their successes!

Looking for more ideas to keep your supply chain connected? Access more tips and resources on my blog. And keep connected by subscribing to my newsletter and email feed of “I’ve Been Thinking…”