Five Trends that Drive Innovation and Growth
The machine is constantly breaking down. There is too much lead time in a process manufacturing system. Costs of raw materials have just skyrocketed. Motivation levels of plant operators are at an all-time low…..So what should a manufacturing leader do? All these problems offer ripe opportunities for innovation and growth, but it is often difficult to know whether to make a move or sit on your hands. It is even harder to determine when is the right time to step things up and push for growth after a time of stagnation or decline. It is always a complex decision as to when a company should start laying off workers or begin to increase hiring. As a recruiter that works exclusively in manufacturing, I hear these issues come up consistently.
In today’s world, innovation and growth have become crucial components in determining competitiveness and performance progress in all manufacturing industries. Industries that constantly pursue research, development, and innovation ultimately register higher profit margins than those that don’t. Moreover, these industries also command a stronger brand and higher demand than their competitors.
The world is constantly improving due to innovation. I share articles almost daily that address these issues in various ways. The five major trends that drive innovation and growth are:
- Global Competition is ever-increasing. Small and large companies nowadays compete anywhere and everywhere. This is due to factors such as labor mobility, capital mobility, increase in the knowledge base, and free trade.
- Technological advancements. Technology is ever-changing and it offers constant opportunities for new products and services. Technology has changed the fundamental ways that human resources work.
- Scarcity of Natural Resources. The availability of natural resources is becoming unreliable and volatile. Supply chain issues within the manufacturing industry continue to be volitile since Covid and a host of other issues triggered it.
- Environmental needs. Everyone wants to live in a clean environment. To achieve this, innovators strive to produce products and services that are environmentally friendly and renewable.
- Diverse Markets. With technology and industry 4.0, products and services need to satisfy various niches based on culture, politics, race, religion, and many other factors.
These five trends offer plenty of opportunities for innovation. The new model of innovation involves the collaboration of many partners to provide localized solutions to specific problems. Industries team up with external and internal professionals to tailor solutions that meet their needs. The problem today is not the lack of opportunities, it is the fear or lack of motivation by some companies to start moving again after such economic turmoil as we have experienced in the last several years.
Opportunities for growth and innovation are unlimited. All it requires to identify and develop them is a positive attitude, the right motivation, and the correct talent. Finding and capitalizing on these opportunities requires hard work and sometimes risks. It also may require making sure that the talent you hire are properly equipped to handling your unique challenges and capable of driving towards your goals.
Is your leadership team able to lead your company to success?