Innovation in Traditional Industries: Transforming the Old into the New
Innovation is often associated with tech startups and cutting-edge companies, but it is equally crucial in traditional industries. Sectors like manufacturing, agriculture, and transportation have long histories and established practices, yet they too must evolve to remain competitive and meet modern demands.
I was listening to a podcast recently and the guest made me aware (with the backdrop of a discussion about how social media may be rotting the collective mind of our societies) that the powers and information gatekeeper of the day felt the printing press was a weapon of mass destruction of sorts. The rapid spread of ‘information’ that no longer had to be vetted by institutional norms would certainly spell the end of days. I tell that story to one, make sure you know I read and listen to podcasts and two, to say that fear of tech or at the very least, apprehension regarding it is normal. I have noticed it is often more prevalent in industries that are not classically thought of as innovation hubs. The interesting bit there is that industries like those who actually embrace tech can make some of the largest advances.
A prime example of innovation in a traditional industry is John Deere, a company that has embraced technology to revolutionize farming. By integrating advanced data analytics, GPS technology, and IoT devices into their equipment, John Deere has helped farmers increase efficiency, reduce costs, and improve crop yields. This forward-thinking approach has positioned them as leaders in the agricultural industry. A smaller (in size of the individual but not in the sample set) is the resurgence of buying ‘boring’ businesses. Many of you are no doubt familiar with Codie Sanchez (Codie Sanchez) She has built an empire educating folks on how to buy the literal pile of functional, profitable businesses of ore that many find ‘un-sexy’ and then simply optimize them with the intelligent application of technology to drive efficiency and profit. Her approach is exceptionally popular and for good reason.
At Plain Sight Strategy Group, we advocate for embracing innovation in all sectors. Here are five ways to foster innovation in traditional industries:
- Focus on Customer Needs: Innovate with the customer in mind. Understanding and addressing customer pain points can lead to more effective and marketable innovations.
- Encourage a Culture of Innovation: Create an environment where new ideas are welcomed and experimentation is encouraged. Innovation thrives when employees feel supported in their creative endeavors.
- Invest in Research and Development: Dedicate resources to R&D to stay ahead of industry trends and develop new products or services.
- Adopt New Technologies: Explore how emerging technologies can improve processes and outcomes. This might include automation, AI, and data analytics. This one is tricky as the magic is staying leading edge, not bleeding edge.
- Collaborate with Startups: Partnering with startups can bring fresh perspectives and innovative solutions to traditional challenges. These collaborations can accelerate the adoption of new technologies.
In Closing
Are you ready to drive innovation in your industry? Contact us at Plain Sight Strategy Group to learn how we can help you integrate new technologies and strategies to transform your business.