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T wo of the key constants impacting supply chains today are change and the pace of that change. To illustrate, consider the Internet
of Things (IoT). An estimated 5. 5 million new
devices are being connected to the Internet every
day, 1 bringing with them the potential to eliminate
supply chain waste and drive new efficiencies. To
be prepared for opportunities with this level of
urgency, and to avoid being left behind, companies
must innovate.
Although we often think of innovation as the
“Eureka!” moment when a new idea is born, inno-
vation does not necessarily imply the development
of an all-new product or service. “Reinventing the
wheel”—in other words, developing something entirely
new—can be costly and is often unnecessary. In the logis-
tics sector, for example, innovation is the implementation
of ideas to create new business value. Instead of reinventing
the wheel, we may simply add to something that already
exists to make it better and/or run more efficiently. Nor
does innovation mean adoption of the latest trend. We
all know that today’s hot topic can be the forgotten fad of
tomorrow.
Regardless of whether an innovation is entirely new or an
improvement on an existing product or practice, the goal
is to make it sustainable and repeatable. This is something
that happens at the intersection of those “Aha!” moments
and a process that takes the idea to full solution stage. This
article describes one such process, a four-stage approach
Supply chain innovation is not
just a matter of coming up with
great ideas; you also have to
convert them to sustainable,
practical applications. Following
a disciplined process such as
the one outlined in this article
will result in less wasted effort
and more frequent success.
BY KRISTI MONTGOMERY
From dreams to reality:
How to turn innovative ideas
into real-world applications
