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Create space for innovation

Create space for innovation

 


Historically, Australian companies have scored lower than average innovation scores compared to global stage leaders. According to the Australian Leadership survey, only 18% of private sector organizations have experienced a high degree of radical innovation, such as creating products that exceed expectations, experimenting with new markets, and new ways of delivering products and services. Especially since Australia is an island nation and relies heavily on Asia and China for exports, it is difficult for leaders to have enough information to make room for future innovations and to be less responsive to global issues. decision-making is required.

Many Australian leaders, especially in the last few years, have been forced to face challenges posed by the pandemic, such as lack of time to face their peers, by lacking visibility across their organizations and by reluctantly operating as lone wolves. It’s been hindered. In today’s business environment, this is dangerous. So how can organizations take a more holistic approach and create transformational leaders? It starts with gathering information from across the business and is not afraid to make the right decisions across borders. Hmm.

Prepare your workforce proactively

Technical talent is becoming increasingly scarce due to border closures, remaining skills shortages and stiff market competition. In fact, one-fifth of Australian businesses report not having enough jobs in the last few months, and 84% of these organizations are finding it difficult to find suitable staff to hire. I believe it is the cause. Business leaders are experts in cost control, but staff shortages can have an astronomical impact, with many reporting not being able to operate at full capacity.

When businesses are expected to deliver the same results while operating at lower capacity, cracks in the system become inevitable. This not only leaves business leaders vulnerable to internal and external disruptions, but also prevents them from effectively identifying and acting on new opportunities. Addressing labor shortages requires stronger forecasts to strengthen transformational leadership to address these ongoing challenges. It starts with accessing richer data, deeper insights, and planning to address the problem 3-5 years in advance.

Use data to manage your supply chain

With 41% of Australian businesses currently experiencing supply chain disruptions, leaders need to act quickly to stay ahead of future disruptions. Supply chain planning is very complex and includes many moving parts across your business, including suppliers, channels, customers and pricing structures. With decisions having ripple effects on the wider business and with so many variables within supply chain management, leaders must take a holistic approach.

For example, if a finance chief focuses on revenue, costs, and projected growth, or a supply chain chief focuses only on product movement, cross-functional leaders should be able to assess the impact of decision-making. It forces a very siled view of Meanwhile, leaders who adopt Connected Her planning and take a more holistic approach can better synchronize execution, enhance forecasting, and be better equipped to identify potential risks and opportunities.

I work with a local steel manufacturer that is a great example of a company streamlining data across its supply chain. Since the company sells premium bespoke steel products, it is important to accurately forecast demand and raw material availability. Supply chain planning meant being able to meet urgent customer lead times while ensuring product quality was up to par. The result was $500,000 in annual sales and administrative savings and 50% reduction in planning time.

Future-proof your organization

Proactively planning for change is an important part of any successful business. Over the last few years, companies have moved dramatically away from outdated technology and lone-wolf-style management to adopting a connected workplace model. However, organizations remain reluctant to embrace this change, with just under half (45%) of Australian businesses saying they have no immediate plans to implement Connected Planning.

A siled approach may have worked in the past, but organizations today face heightened customer expectations, declining loyalty, rising inflation, and supply chain disruptions that make these critical Business decisions are exposing organizations to great vulnerabilities. To limit error tolerance and streamline decision-making, organizations should adopt a future-planning-connected approach. Business leaders need to make sure they are asking the right questions and taking the necessary steps to build resilience and agility when the inevitable future disruptions occur.

The old way of managing your business through outdated planning processes is not the way to stay competitive in today’s ever-evolving workforce. Focusing on the workforce of the future, developing predictive capabilities, and executing related plans is critical to leading the way in transformative leadership trailblazers. This paves the way for innovation and empowers leaders to confidently identify risks and new opportunities in the years to come.

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Sources

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2/ https://www.technologydecisions.com.au/content/it-management/article/creating-space-for-innovation-1171211893

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