Steam power, cotton gins, electricity, assembly lines and, most recently, computers have no doubt created explosive growth in production industries. What next big thing can we expect to revolutionize the way we work? The answer is the Internet of Things. Not too long ago, big data, automated wireless systems and connected devices were just buzzwords. Today, though, they are becoming a bigger part of the daily working order of many companies. Data systems, automated tools and connected devices are grouped into a category known as the Internet of Things, or IoT. With new systems and sensors in place, the amount of data collected is growing exponentially. Petrochemical companies are using this data to optimize operations and identify new revenue streams. As the IoT continues to expand into business, manufacturing, construction and petrochemical industries, the Fourth Industrial Revolution is being ushered in quickly. As the Fourth Industrial Revolution pushes new business frontiers, companies need to ensure they are fostering a culture of innovation and ingenuity -- or they may get left behind. There are three steps businesses can take to ensure a forward-thinking culture develops:
Prioritize innovation
People perform best when they are given the tools they need to succeed, room to do their jobs independently and encouragement to challenge the status quo. If the entire organization -- not just the executive team -- is thinking through better and more efficient ways to do things, game-changing ideas won't be far behind. The executive and management teams must set the tone and ensure they are consistently discussing the value of innovation with the entire team. What makes this a challenge? A recent study by Robert Half revealed the obstacles CFOs cite for lack of innovation: too much bureaucracy (30 percent), being bogged down by daily tasks and putting out fires (27 percent), lack of new ideas (25 percent) and ineffective leadership (16 percent). Ensure your leadership team and managers are equipped to encourage innovation and have the time and capacity to do so. By prioritizing innovation and creating a strong sense of independent thinking, you delegate power to every single employee to make meaningful big-picture contributions.
Lead from the frontline
Frontline employees are closest to the products or services your company offers and are naturally the most familiar with them. They are also the ones who see the greatest opportunities for improvement and are the first to flag when something is not working. Frontline employees should feel the need and responsibility to never stop "torturing the process" for better outcomes. Empowering employees to lead and have ownership over their respective roles will promote groundbreaking thoughts from those closest to the work.
Hear every voice
A company can prioritize ingenuity and empower the frontline to bring ideas to the table, but if executive leadership does not guarantee all ideas will be heard, a culture of innovation will never take off in your organization. Your company may not be able to designate time for each employee to walk through an idea with the executive team, but your organization can create a system in which somebody with the ability to influence change hears ideas. It could be management or a designated "innovation champion." When an idea is worth acting on, the innovation champion takes it to the executive team. Regardless of the process, the aim is for employees to know where and when to take their ideas.
The Fourth Industrial Revolution is not slowing down its arrival, and your company cannot waste time waiting to build a culture of innovation to help drive it. Technology has made today's business landscape more competitive than ever, and while gains that come from strong company values like innovation are less tangible than sales or revenue, they are equally important to sustainable growth. To remain relevant and competitive, ensure your company is at the forefront of innovation and not behind.
For more information, call Matt Hixson at (901) 541-6972 or email him at matt@mahaffeyusa.com.