Companies that Leapfrog with Innovations and Agility Will Win the Next Normal
This year will undoubtedly be remembered for many events that will transform our lives, industries, and society at whiplash speed. This period has laid out a new set of innovations, including everything from work and play from home, touchless shopping and dining interactions, and localized sourcing of goods and services. These changes have already transformed many industries, including our focused recruiting areas of architecture, engineering, and manufacturing. Here, we look at the pandemic-driven innovations and systems that are not only keeping companies alive but fostering their rapid growth.
Local Companies Lead the Way
Fast companies that have implemented adaptions have created new work and life habits, many of which have become our next normal, and will remain in the years ahead. Minneapolis-area companies Target and Best Buy have quickly scaled up their online shopping, delivery, and returns processes to meet changed behaviors. Lesser-known engineering company ENS in Burnsville, MN is rapidly deploying point-of-sale products, including UV-Clean and Safe To Pay. Local recreation manufacturing companies like Polaris and Vista Outdoors are quickly increasing production to meet historic product demands while reconfirming their commitments to diversity and environmental causes. These five local companies are taking advantage of increased industry demands while using the most advanced technologies, which will keep their customers coming back for years to come.
“The Quickening” Technology Transformation
A recent McKinsey & Company article highlights just how fast our economic world is advancing. E-commerce purchases have increased from 16% of all purchases to over 30% and climbing this year. This revolution is translating to the engineering and manufacturing sectors, where tech advanced, and agility-focused companies are proliferating. Microsoft CEO states Satya Nadella, “We’ve seen two years’ worth of transformation in two months”, as their Teams platforms races to leapfrog Zoom, and get in and get ahead of the social media game with the possible acquisition of TikTok. Other technology companies that are embracing and rapidly executing digitally enhanced purchasing, manufacturing, and shipping technologies are seeing substantial gains as the world is more comfortable with online capital equipment, and massive online purchasing. No longer are factory purchases made from a paper catalog or a basic website. Buyers need to compare equipment, integrate with their CAD files, and customize equipment with their own design, all within the online purchasing platform.
Supply Chain Agility
The disruption caused by nationwide lockdowns forced construction companies and manufacturers to rethink their typical go-to sourcing regions to become agile. Creative supply chain resourcing and adaptive technology have emerged as critical factors in remaining nimble. Forward-thinking companies have used available technologies to increase efficiencies while minimizing inventory shortfalls.
With a globally disrupted supply chain, companies look to other options to source critical inventory to offset the second wave of regional shutdowns. Companies that depended on Asia for their manufacturing supply have seen major delays and interruptions in production, leaving them looking for viable, secondary options. Mexico, Brazil, India, and Chile are the most attractive markets to companies looking to diversify geographically, according to an article published by Deloitte. Smart companies are also bringing offshoring home and developing great supply relationships with Minnesota and U.S. based manufacturers. This local investment will help revive our economies and allow companies to capitalize on closer communications and logistics. As a result, China is no longer the world’s factory.
Supply Chain leaders who use advanced technologies to predict future demand and switch sourcing gears quickly will manage another disruption similar to March and April of this year.
The Infinite Game Creates Agility
Coopetition (simultaneous cooperation and competition) has emerged as a timely and innovative strategy for tech companies. Marjita Fridjhon, CEO and Co-Founder of CRR Global noted that nimble companies are shifting “from ego to eco…we will see more strategic alliances that protect [brands] while creating even bigger visibility by standing together in diversity and collaborative initiatives.” Forbes weighed in on coopetition, pointing out that “Competitors tend to face similar markets and use similar resources and technologies. They typically have to deal with similar challenges at large…it often makes sense to collaborate with competitors on product development, innovation, and joint manufacturing.” Firms can combine resources and keep their people working – weathering the current storm of uncertainty.
As Author Simon Sinek mentions in his best-seller, The Infinite Game, Elon Musk celebrates when GM and other automakers enter the high-end electric car market. Elon, as Sinek points out, is excited about the overall adaption of electric, and the ecosystem this creates. He envisions a world where gas cars are extremely rare, and he needs his competitors to get us there faster. As the overall market for gasless cars increases, so does Tesla’s revenue.
Connected Manufacturing
Industrial Internet of Things (IIoT), 5G, and cloud-based tech are streamlining the way we engineer, manufacture, deliver, and service our products. When you connect people to remote machines, manufacturing lines, and shipping into a high-speed and reliable network, the implications for productivity are astounding. Synergistic tools and information that are as mobile as the user are allowing companies to improve efficiency, even while facing unprecedented conditions. These once sci-fi technologies are becoming readily available at a price that is decreasing by the quarter. Early adaptors of these technologies will increase customer satisfaction and reduce operating costs in the months and years ahead.
The global workplace has enabled a phase of rapid transformation and innovation. What we knew as a marketplace changed overnight and continues to develop into what it will become. As we’re along for the ride, it’s crucial companies adapt to current conditions and implement available tools. What felt like a massive slowdown will rebound into a streamlined, more efficient, and advanced system that will define the decade.
Minnesota companies that are embracing the opportunity to innovate and leapfrog aren’t wondering, “What’s the new normal?”. They have already created “new”, while the rest of the world follows.
No matter where your company is along this transformational journey, Konik PrimeStaff is here to keep you up and leapfrog using the brightest and most talented technical staff available. We offer tested, reliable solutions to supplement and grow your engineering, manufacturing, and architecture workforce are just part of what we offer. To learn more about Konik PrimeStaff, visit KonikPrimeStaff.com.