At the rate that this information age is going you want to consistently apply innovation in your industry. There are several things that are important such as looking not just as your industry but also at other industries that may be totally different from yours for ideas that will change how you do business.
Case study I:
The Yellow Pages had a monopoly on telephone directories. As a result everyone wanted an ad in a Yellow Pages. Once the Internet and especially Google took off and it was available in Smartphones afforded people to access the Internet there was no longer a need for a Yellow Pages directory. If the Yellow Pages had been aware of the impact a small search engine would have they would have jumped on it from the onset.
Case study II:
Sheldon Chaney operator of Red’s Giant Hamburg in Springfield, Missouri created the first drive through in 1947. This concept was seized from the banking industry that had drive through. In 1948, In ‘N Out Burger also adopted the drive through idea as a way to help mom’s feed their children while driving them from school to various sports activities. This convenience catapulted In ‘N Out Burger and spread like wild fire throughout the fast food industry.
In both these case studies you learn that it is important to be vigilant not only about what is going on in your industry but also about what is working in other industries that you can modify and execute in your business. This will take a close analysis of your business model and looking at the areas that you can change or improve.
As I coach my clients to create strategic foresight plans this is one area where there is a strong focus. There is no reason to reinvent or create new ideas when all you need to do is find things that work well in other industries, and modify it to your business.
Innovation in industry does not always depend on finding new things it is in increasing the ability to shift from the norm to improving your clients’ lives. This takes forward thinking and acknowledging the importance in the redesign and shaping your business strategy to a foresight business strategy. This highly competitive business world requires innovation in industry; therefore, you want to maintain an innovative mindset.