At a recent network event I attended, economist Cameron Bagrie talked about the changes that AI (artificial intelligence) is likely to will bring to the marketplace and the need to keep near the leading edge of change. Up until recently, Cameron said, to succeed in business one needed a good point of difference (your USP) and a good culture. With these factors sorted you could expect to carve out a successful niche in the market. This will not be enough in the future. What you also need is an innovation strategy.
AI is the new industrial revolution and unlike the linear change in the market during the industrial revolution, the AI revolution is causing change at an exponential rate. Those businesses who embrace this change will be far better off than those who are a bit late to adopt this innovation mindset. Possibly those that do not make innovation as part of their core strategy will not survive.
Construction has been slow to innovate and the majority of building techniques have remained unchanged for decades. When innovative building techniques have been tried, it has been done for the wrong reason and poorly thought through. The plague of leaky buildings is a case in point. Despite these failures it will be essential to drive innovation in the construction market if we are to meet the growing need for affordable, healthy and reliable homes in the future.
Innovation is not just limited to the core building function however. In all parts of the value chain from marketing to back-office administration, innovative thinking can be used to make your business more efficient and automated. It is by looking at the whole process in detail and finding many small improvements will you be able to keep your business ahead of the pack and maximise your chances of future success.
So, what are some innovative changes you can make to your business, and how can you lock in those gains though better systems?