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.”
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.
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.
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.
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.
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.