Home Builders Can Be Innovators Too
Lessons from the 50 Most Innovative Companies of 2015
It’s no secret that innovation drives growth. We can clearly see this in the phenomenal success of companies like Google, Apple, Amazon, and others, who have continually pushed the boundaries of the latest technology to produce better, faster, smarter, more enjoyable products, services, and technologies.
But what about companies in more traditional industries, such as home building? Can these companies harness the power of innovation too?
Of course they can. It simply requires recognizing that innovation isn’t only about improving what you’re selling. It’s about being willing to change the way you do business.
Lessons from 2015’s Most Innovative Companies
When Boston Consulting Group released their annual list of the 50 Most Innovative Companies of 2015, no one was surprised to find that Apple, Google, and Tesla topped the list. But what might be surprising to some is that only a quarter of the companies that made the list were tech companies. The rest came from a variety of industries, from retail to manufacturing to pharmaceutical to hospitality.
When you dig down into what exactly makes these companies innovative, some trends start to appear. Specifically, the BCG survey found that executives from these companies tended to agree on the importance of:
- Innovation Speed: Being fast out of the gate with a change is extremely important for catching consumer trends on the upswing and for leaving competitors in the dust.
- Lean Innovation: When it comes to developing new products or technologies, lean methodologies that allow for clear goals, standardized processes, and fast modeling and testing are more effective.
- Technology-Enabled Innovation: Adopting new technologies naturally fuels innovation in other areas. Right now the trend is towards digital and data based technologies that are integrated into multipurpose platforms.
- Innovating Outside the Core: All too often, businesses are set up to focus only on growth in their core market. By being open to opportunities in adjacent markets, companies can find new ways to grow that will not cannibalize their existing market share in their core area.
Prepare Your Business to Innovate with JDIO
One possible way to make your company leaner, nimbler, and more efficient is to stop separating different sections of the business by using different platforms for your accounting, reporting, management, site inspections, etc. Instead, connect all the pieces with our iOS ready Just Do It Once software.
Once you have this multipurpose platform in place, it will be easier to identify opportunities for improvement and have all interested parties collaborate towards a solution.
To learn more about JDIO, including our package specifically for construction information management, please contact us today.
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