As we move into 2020, many organizations are focused on new digital initiatives and forward-thinking success strategies. The top companies leading the pack have found ways to blaze their path along the way. For instance, disruptive innovation is more critical now than ever. Disruptive innovation involves shifting traditional standards to create new products and ideas. However, many organizations need guidance on what processes to implement.
Here are three ways your organization can begin disruptive innovation initiatives.
Reduce The Core Innovation Focus
Core innovation is a primary focus for most organizations. As much as 95% of their resources are directed to core innovation, leaving little room for adjacent and breakthrough innovation. However, executive leadership can create small shifts to establish new paths to success. For instance, Nottingham Spirk (a business innovation and product design firm) has seen great success by increasing their breakthrough innovation focus to 10% 1 . As a result, the company has seen 95% of their innovative products reach commercial status. Most manufacturing companies only see approximately 5% of their innovations go to market.
Increase Machine Health Through Digital Transformation
Augory is a startup company that specializes in production machine health. Although preventative maintenance for industrial machinery isn’t a new concept, Augory has a different approach. The company initially started as a solution to solving machine problems in the medical field. Eventually, Augory’s mission broadened to improve machine reliability within the manufacturing industry. The team compiles data from machine vibration, temperature, and magnetic field information. Afterward, data is uploaded to cloud applications 2 that monitor and alert machine malfunctions.
Utilize Legacy Equipment
Many organizations may miss the fact that digital manufacturing efforts can be enhanced using legacy equipment 3 . The factory data received from the manufacturer’s older equipment is not dispensable. Instead, all data should feed into new digital assets. Businesses should cater to the complexity of many of today’s manufacturing facilities. As a result, digital transformation may need to occur in phases with the use of legacy equipment. Organizations should also implement knowledge transfers from prospective retirees for their extensive manufacturing expertise.
Digital enhancements are critical for any organization to thrive today. Nonetheless, disruptive innovation tactics need to be evaluated and implemented. Now is the time to forge current resources and redirected focus to propel new ideas. Ensure your organization is not left behind with disruptive innovation implementation.
1 Forget a Silver Bullet, Disruptive Innovation is All About the Process by Lisa Caldwell
2 The Machine Whisperers: This Startup Improves Machine Health Through Digital Transformation by Jim Vinoski
3 The Benefits of Connecting Data from Legacy Equipment by Willem Sundblad