For most of its history, the transport industry has remained largely the same. Sure, there have been steady updates its technologies, but innovation has been incremental and infrastructure improvement has, at the risk of understating, been costly. While the industry has been trying to overcome major issues such as ageing structure and an exponentially increasing user-base, especially in London, it would seem that the industry has lost sight of the common traveller.
To meet customer expectations, the transport industry needs to look at other industries for ways to develop:
- Look at the potential of an idea management platform for costs savings: Waitrose, in the Retail sector, found an idea that would make an annual saving of over £100k, simply by reformatting till receipts. Read more about Waitrose’s use of Idea Spotlight. With transport companies dealing with ever increasing costs, never mind the need to improve, it has never been more important for such companies to minimise needless losses and streamline their business model.
- Sow the seeds for an innovative culture: Aviva and Anglian Water, both Wazoku customers, in the Financial Services and Utilities industries respectively, are both developing an innovative culture by rewarding successful ideas, and showing their workforces the tangible benefits from their creativity. Our case studies on both of these explain the benefits in far better detail than I can here, and you can find them in the Library. Simple things and small changes can make huge differences, so don’t limit your expectations of innovation to be grand, transformative ideas. The small changes may not seem like much, but these are the ones that add up to make huge differences.
- Look at industries that have shown true innovation, not just improvement: To start with, companies have to realise what innovation really is. Innovation and continuous improvement are not the same thing. Improvements that don’t differentiate you from your competitors aren’t innovation, its more evolution than revolution. And improvements that can just be copied by competitors aren’t true innovation either. It’s more of a temporary advantage. Innovation of course, does include improvement, by its nature it has to, but innovation is more than that. Innovation is about making a change that sets you apart, it’s about reaching an outcome that your competitors are unwilling or simply unable to match. Look towards Uber for this, they’ve taken a market that appeared to be monopolised, and opened their practices to pre-determined fares, lower profits, and ease of use. The customer response to Uber has been massive and lies as a fantastic example towards the benefits of a happy consumer base.
- Understanding Collaboration: Lastly, while it is understandable that companies want to keep their competitive edge over rivals – it is a business after all, companies shouldn’t overlook the benefits of collaboration with their competitors. When sharing best practices and working together on common goals, you multiply the expertise available, and can really push the best measures forward.