Is Innovation the New ‘Competitive Advantage?
At the World Economic Forum in Davos last week, the conversation revolved around innovation and volatility; amongst other pressing issues such as economic and gender inequality, sustainability, education and meaningful leadership.
Innovation is present in every industry. We should take time to think about innovation in all aspects of business – from profit model re-assessment to devising new and better ways of customer engagement. Particularly in these unstable times – where, as our friends in Davos tell us, volatility is the new normal – Supply Chains ought to be up to date with the latest advances in order to be able to respond to or even anticipate change. Taking time to figure out what can differentiate us from our competitors, and focusing on innovation rather than problem solving could be a good start.
Due to the rapid pace of change, there is an acute need for innovation in our world today. There is a need for new ideas, but also for new ways to implement them, new processes that will make our supply chains more agile and better prepared for the latest challenges. I believe one of the key ingredients to innovation is collaboration. A truly collaborative environment is fertile ground for discussing and perhaps even experimenting with new points of view and different approaches. Furthermore, effective collaboration can reduce transaction, process and uncertainty costs.
So, perhaps we should ask ourselves if we are operating in a truly collaborative environment, which will then lead us to determine our readiness to embark on a journey towards the pursuit of continuous innovation (in my opinion, the new ‘competitive advantage’).
Author- Blanca Suarez’s
About the author
Blanca has recently been awarded a MSc in Supply Chain Management with first class honours by the Dublin Institute of Technology (DIT) and is actively looking for challenging opportunities with innovative companies. Originally from Mexico City, she has lived and worked in Spain and Ireland for the last 20 years. Blanca is interested in sustainability, behavioural economics, food, travel & hospitality, retail, fashion, technology and social enterprises. Blanca is a regular contributor to the Alba Consulting blog on a range of topics relevant to supply chain management. Email: firstname.lastname@example.org LinkedIn: www.linkedin.com/in/blancasuarez Twitter: https://twitter.com/bsbilbao