Some companies start clearly with a production improvement/cost cutting technology innovation, whilst others are looking for new and novel ways to run their business. Then there are those executives who believe their current business model is redundant, and endeavor to reframe their company and perhaps even their industry. This simple 3X3 maps “Innovation Methodology” with “Strategic Intent.”
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Race, gender, self-identified LGBTQ+, language, age, education and disability are just some of the elements of discussions on diversity. These discussions can often also include topics relating to country demographics, industry cycles, professional certifications, pay scales, regulatory frameworks and more. Fortunately, we’re on a positive trend line as we see a majority of companies in North America, Europe and around the world making diversity a top priority.
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Many companies start their innovation and digital transformation endeavors with an internal team focused on reducing costs, improving customer care and increasing revenue. Executives should recognize that not all the ideas will come from internal resources and they can successfully expand the scope of their innovation activities. Transformation projects almost always mature over a few years and in order to maintain momentum, the innovation teams can reach out externally to a broader ecosystem that includes universities, research institutions, VC funds and startups. Hackathons for grad students and entrepreneurs or crowdsourcing for innovators are further avenues to gather ideas from the external market.
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While it feels like the doldrums, as CV-19 ebbs and flares with no one the wiser on where it’s all going to end, it is satisfying to focus on what we can manage. In fact, what we can manage should be where we spend most of our time.
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Big data, with its complimentary AI & ML engines attached, relays unthinkable opportunities for company performance over the next decade. And we so easily envision this future bounded inside current organizational constructs, like inside the existing organization chart. Then some external force – like the COVID pandemic – comes around and flips our understanding upside down and we realize that the organization structure and work routines are not what they are because of some fundamental truth, but simply the result of repeated beliefs that evolved over the years. The frightening part is that they evolved to function perfectly well in an analog world, and we are now in a digital world.
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Mine development is a large, long-term investment carrying enormous financial risk and uncertainty. The ability to bring construction schedules forward and increase development efficiency provides huge return on investment opportunities for operators.
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With leadership repetitively prompting pace and ambition, a formal communication system underwriting the vision and process should always be present. The communications plan must include more novel ways of connecting and reflect the anticipated future. Social media and digital promotions should be visible throughout the drumbeat campaign.
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There are a few rather profound second order consequences of the Covid-19 pandemic. By second order, we mean not readily visible, or in your face, or what the press and talking heads are going on about.
Let’s look at 3 examples of second order consequences.
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Digital Platform businesses have dominated market attention for many years now. The internet itself is the ultimate platform of our age and it’s the breeding ground for the evolution and proliferation of more and more digital platforms. Whereas, traditional methods of production and distribution were often limited to “push” strategies, with significant effort and resources placed on forecasting market demand. Platforms actually enable “pull” strategies which are long-seen as potentially more profitable modes of meeting consumer needs.
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VCI’s Digital Intensity Assessment for a Mining or Oil & Gas asset analyzes the degree of digitization within the people, processes, and technology of the operation. It represents a significant link between operational practices and economics.
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