Being in the throes of drastic change comes with one benefit: it breeds innovation. Dire circumstances often do. A radical re-think of our business approach is what we need. But this herculean task cannot be undertaken in a silo. It requires collaboration and leadership. Collaboration paves the way for organisations to reach their common goals quicker. Those who work collaboratively often access greater resources and rewards than those with finite resources. Our new-world order calls for introspection, agility and changed behaviour – and all with lightning speed. Here’s how to do it.
LEAD WITH COLLABORATIVE INNOVATION
- Optimise digital eco-systems
A network of organisations that interchange as suppliers, collaborators, competitors and customers benefits whole industries. Digital technology also enables the partners in an eco-system to measure each other’s contributions with transparency. - Harness the wisdom of crowds
Novel solutions to complex problems often come, not from the specialists within the field, but from those working from very different arenas. Tap into the wisdom of crowds to help solve a diverse array of problems. The insights and knowledge of a varied crowd is often invaluable. - Become an agile organisation
Companies that act with speed are more likely to be rewarded than those who do not. It’s vital for organisations to move at the rate of external progress. This requires a flatter organisational structure. To make your organisation more agile, learn to pivot and to move with speed. - Leverage IoT
Harness the power of AI to make smarter decisions with greater speed and at lower cost. A dramatic re-think of your customer value chain creates new opportunities and has the added benefits of responsiveness and efficiency. - Don’t be afraid of cannibalisation
Organisations fear that new products may hurt existing ones; or that new lines of business will hurt the sales of existing ones. But fear of cannibalisation is a trap. There’s always room for growth.
To stabilise our economy, it only makes sense to foster collaboration. By embracing larger, diverse eco-systems, we’ll speed up the process of uplifting our economy. And by leveraging the wisdom of crowds, we’ll maximise the probability of giving local municipalities the best possible outcomes for financial growth. There’s nothing subtle about the future. We need the agility to face it head-on. Foster collaboration; move with speed.