According to new research published today by Allianz Insurance, some 83% of UK managers rank Innovation as the key to their organization performing strongly.
However, despite the fact most leaders are fully aware of the benefits of innovation, the ongoing challenging economic environment has caused many to opt out of such projects in recent months.
For instance, 23% of the 500 respondents noted that the economic slump has pushed innovation further down their list of business priorities, with issues such as a lack of funding and a focus on profits being the main reasons behind this fact.
This approach is not only wrong it is patently short sighted. Innovating value added products or services is the only way to ensure long term survival never-mind success. Long-term it is not possible for organizations to compete purely on cost. Globalization ensures that whenever you compete purely on cost, someone, somewhere will be able to undermine your cost base and do it cheaper. The only way to compete successfully, particularly in the West, is to produce differentiated products with high added value, which cannot be easily reproduced elsewhere where labor costs are significantly cheaper.
This requires investment in R & D, training and advanced manufacturing techniques.
Innovation is essential to long term survival.
chris@projectsguru.co.uk
Fantastic news today regarding the development of a National Automotive Innovation Campus at the University of Warwick.
The UK automotive industry is set to break its all time production record of 1.92 million cars (set in 1970!!) in 2015. These figures are from the Society of Motor Manufacturers & Traders.
Neil Armstrong will forever be remembered for his unique achievement of being the first human being to set foot on another planet. His famous quote ” that’s one small step for man, a giant leap for mankind” is burned forever in our collective memory and recalls a seemingly simpler age of great optimism and opportunity when anything could be achieved given the right determination. Armstrong had that “right stuff” is spades and was an inspiration to millions of scientists and engineers the world over.
Sometimes Project Management can be like “juggling sand”, tasks to complete, schedules to meet, requests to be met etc etc
Some organizations think they can run projects without a 
General Electric
In the U.K today we slumped to another level of misery with unemployment hitting 2.57 million, the highest for 17 years. What a tragedy especially for our youth with levels above 21% for 16 – 24 year olds.