Earlier this year, the Conference Board of Canada held the Business Innovation Summit 2013: Innovation for the Corporation. The two-day summit, held in Toronto, focused on how to re-think, re-new and transform innovation in Canada.
One thing the participants were clear about: the time to innovate is now. If Canada is to prosper in the future, companies need to close the innovation gap.
“One of the resonating themes of this Summit, that I agree with wholeheartedly, is we have many prescriptive reports about the nature of the innovation gap and how to close it. The real challenge is to get on with it,” Daniel Muzyka, president and CEO, The Conference Board of Canada, told attendees.
“A focus on cost-cutting and efficiency has helped many Canadian organizations weather the economic turbulence, but this approach will ultimately render them obsolete. Only the constant pursuit of innovation can ensure long-term success,” he added.
There are statistics that back up this need for innovation. Key findings of the Conference Board’s Innovation Metrics for Management 2012 survey found that firms that both allocate time for innovation and manage their processes get improved results.
It’s time for Canadian manufacturers to take innovation to the next level. Implementing new technology and processes, along with creative problem solving are just a few of the ways companies can be more innovative and succeed in today’s economy. The stories below offer some advice to help manufacturers make it happen. Just call it “Innovation 2.0.”
This article originally appeared in the May 2013 issue of Manufacturing AUTOMATION.