Every industry today is facing disruption and change at a speed that we have never seen before. E-commerce is challenging Retail. Technology companies are challenging banks. 3D Printing is challenging traditional manufacturing. Innovation is no longer a nice-to-have capability in your organization; it is a critical component of your future success. But the innovation of your products and services alone is not enough. You need to be looking more broadly at your entire business and industry to truly future-proof your organization. You need to look for cross-industry innovation and seek converging trends to lead your category and organization into the future.
What Is Cross-Industry Innovation?
Cross-Industry Innovation is the process of identifying analogies and trends or drawing approaches from other industries and applying them to your own business. Some examples which might help you better connect to the concept are:
Service: Baggage Carousel Meets Sushi Bar
This sushi bar implemented an airport-style baggage carousel on their dining top to allow customers to simply pick up what they liked as it passed by them. This innovative design idea creates a unique customer experience while simplifying the order transaction.Product: Eggs Meet Wine
Inspired by the moulded pulp egg cartons that we are all familiar with, packaging companies are now offering the same style shippers to wine manufacturers and other businesses who need to ship fragile or delicate goods.Business Model: Mobile Phones Meet Car Insurance
Norwich Union in the UK has introduced a new Car Insurance product inspired by the mobile telephone industry. Their new “pay-as-you-drive” insurance mirrors the “pay-as-you-go” plans offered by most mobile phone providers around the world.
The Benefits of Cross-Industry Innovation
Generally, innovation efforts at most organizations focus on the known business and industry. Product extensions, new features, or new services designed for the existing customer base are the most commonly cited innovation initiatives. But these in-industry innovation efforts only constitute incremental innovations. They are small changes which may support small growth or client retention, but which rarely result in significant transformational growth.
Tim Empringham is a passionate advocate for Innovation in organizations of all sizes as a mechanism to drive growth, create uncontested market space, create new customer value, and drive efficiency into the internal organization. His focus is on disruption of thinking and markets through integrative thinking, structured Innovation frameworks, and leadership development of Innovation and Change leaders within the organization.
