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Friday, December 2, 2022

To boost innovation, think ‘around the box’ | MIT Management

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The mining company Epiroc’s approach of incorporating useful features into current products demonstrates how innovative even well-established businesses can be.

The president and general manager of Epiroc, Jon Torpy, asserts that those who are closest to the issue are best suited to find a solution. Operational effectiveness determines whether a commodity business survives or fails. Companies must compete based on their capacity to produce more for less since the market views goods as interchangeable, irrespective of who produces them. Additionally, commodity markets are not just for fundamental commodities like grains, metals, or energy goods. In a highly competitive global market, even complex machinery and equipment can become commodities.

Source: https://mitsloan.mit.edu/ideas-made-to-matter/to-boost-innovation-think-around-box

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