A common belief is that businesses make significant changes by making consistent but small innovations that pay off over time. While that is certainly one model, other evidence suggests that conventional ideas to innovation are actually holding it back. Some researchers are promoting a radical idea called “creative destruction.”
Conventional thinking might show up in several ways. First, there is a lot of street pressure to come up with near-term planning; this is reactive, rather than innovative, as there is no long term strategy in place. Conventional thinking might also play out in terms of being reluctant to replace equipment that still has some life left in it without realizing how innovative equipment can supercharge your capabilities as a manufacturer.
How might creative destruction look for your company? First, it requires letting your people dream and come up with a vision of what is possible rather than reacting to what is going on at the moment. This takes patience and will; but without them, results are usually always mediocre. This kind of stimulation could come through crowdsourcing techniques, institutional partnerships, internal employee contests to generate the most important points of development, or other strategies.
Institutional partnerships are a great way to leverage creativity and make major breakthroughs. What could you do, for example, if you replaced that old equipment with a Komax streamlined, energy efficient, static mixer that cost less in terms of maintenance and downtime, took up less floor space, required less clean up and cost less to run? If you freed up that kind of money, what kind of creative destruction might you do within your industry?
Don’t be afraid to take the long view. High impact ideas require creative destruction.