Will local businesses WIN THE WEST?

PARRAMATTA Square and the cultural infrastructure currently underway will deliver a Smart City and core CBD to greater Sydney. Expansions at Westmead will create a world class health precinct, as well as opportunities for nearby hospitals to expand their services to an ageing population. Rail, light rail and road infrastructure, intermodal facilities at Moorebank, expansion of the higher education sector and new high school campuses, all point to new developments that will accommodate the rapid growth of Western Sydney’s population in future decades. The Federal government’s decision to directly invest in the development of Western Sydney’s airport at Badgery’s Creek is a milestone. By providing a gateway for lightweight freight, domestic and international travellers, Western Sydney will not only have better access but more competitiveness on the world stage. Innovative businesses, local councils and not-for-profit service providers will all benefit from this growth. The current job and entrepreneurial opportunities in Parramatta and the growth corridors in Western Sydney are distinctively different from the region’s blue-collar heritage. Knowledge-based employment and business opportunities will require digitally savvy, customer-centric and flexible workers who are able to constantly learn and adapt. Western Sydney’s new-found accessibility will create export opportunities but this will also open us to increased global competition. Automation of routine physical and clerical tasks will take away many of the jobs employing people today. New digital and easy-to-use technologies can lead to more knowledge based jobs for those businesses investing in human capital and innovation to improve their agility and profitability. Automation of low-value added activities will become the norm with intuition and customer-centric thinking keys to enabling sustainable growth. Success isn’t a given though, and local businesses will need to work hard to reap the benefits. KPMG Enterprise’s R&D and incentives Partner, Paul van Bergen, who is based in Parramatta, advises businesses on the best way to maximise opportunities. “Think about what customers will demand in the future,” he says. “The winners in the West will be companies which strategically invest in developing products and services that customers want and need, creating alliances to leverage skills to provide world class solutions from local suppliers. “Some of this investment will be in the form of R&D, some in trialling innovative business models. For many, this might involve encouraging entrepreneurial behaviours to create, accelerate and commercialise new business models. “Increased funding from NSW and Federal governments is available for collaborative R&D and developing digital technologies for established businesses.  “Through the Western Sydney University LaunchPad accelerator, companies can access expertise and leading-edge technologies subsidised by the NSW government technology vouchers. “For example, the School of Engineering Computers and Mathematics has assisted traditional manufacturing companies in developing solutions that apply the Internet of Things to create new service lines. “This enables closer relationships with technologically demanding customers. Partially funded by R&D tax offsets, this reduces the after-tax cost of transforming a business to become a global player.” Cloud technology has changed the way we work, how health and social services are delivered and how businesses provide goods and services in the future. For businesses looking to capitalise on Western Sydney’s growth, this means that the need to invest in and embrace cloud technology is no longer a choice. It’s an imperative. It’s important to keep tabs on the cost effectiveness of all business activities. Understanding what cloud technology can contribute to improve profit margins, better decision making and ensuring businesses deliver a unique and consistent customer experience. Gordon Irons, KPMG Enterprise’s Partner – Technology Advisory, says: “Cloud-based solutions make it possible to get more value out of existing data and IT services.  The mid-market can now access user-friendly business systems at a fraction of the cost of the amounts historically paid by their larger competitors. “This increased flexibility will enable Western Sydney businesses to become more nimble, responsive and entrepreneurial. “The ability to harness accurate, meaningful and real-time information from systems that can be accessed via a mobile device or any internet connection will help all these Western Sydney businesses to become more competitive, agile and profitable.” by David Pring, Partner-in-Charge at KPMG Enterprise Parramatta. First published in Western Sydney Business ACCESS.

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The Ready Glove

TacMed Glove

The Ready Glove is a disposable ambidextrous medical glove with a convenient list of basic vital signs printed on its outer surface. This allows first responders (like me, Rural Fire Brigade medic) the opportunity to record a baseline set of vitals without having to find a notebook; and I can keep referring to it during patient care without having to consult said notebook.

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The right time to innovate

Successful businesses such as Google, Facebook, Apple, Amazon, Airbnb and Uber are rightly lauded for changing and innovating everything from products and processes to underlying business models. They have radically reinvented the nature of business and society. They are truly innovative. “Innovate or die!” business is told as the word disruption becomes a catchcry for companies around the world. Despite the ubiquity of these concepts, there are abundant examples of successful organisations and industries that have been found wanting due to hubris, poor planning and strategy or an inability to conceive of futures that nimble new entrants then exploit. Part of the problem is the term “disruptive innovation”, introduced by US academic Clayton Christensen who used it to describe a particular style of attack by new entrants. It is now so widely used it confounds and confuses any change an incumbent did not see coming. Almost every company now pursues the rhetoric of innovation, though they seldom think carefully about what it means for them. In fact, the language of business is now so packed with the emotive nomenclature of innovation and disruption that it’s not fully understood by most organisations even as it is invoked as the platform for change. Environments dominated by rapid technological change and fickle or uncertain consumer preferences are fertile ground for innovative rivals to displace incumbents content to rest on existing sources of competitive advantage. Thus the timeframes that constitute sustainability in the new business landscape are much shorter than in the past. Companies that aim to maximise shareholder wealth must seek value-creating opportunities that cannot be readily replicated or displaced by other firms. That success will also be affected by the organisation’s ability to change and continually innovate in a process of “creative destruction”. When to change The dilemma for incumbent businesses facing a paradigm shift (through new products or processes or from the “Uberisation” of entire industries) is the timing of change. When do you move from your existing business model to the new model? Move too quickly, and you may leave a lot of money lying on the old table. Move too slowly, and you may never be a player in the new game. How do we decide when to move from our existing product portfolios and geographies to new, creative, entrepreneurial opportunities? What shape does our organisation have in such a world? The answers marry strategy with underlying organisational architecture. One without the other is bound to fail. While far from easy to do, Intel moved from dominance in the semiconductor and then memory chip markets to the ubiquity of the branded microprocessor (Intel Inside) and is now tethering its future strategy to artificial intelligence and the internet of things. Netflix is a truly disruptive company that began as a mail-order DVD service and has evolved into a platform provider for streaming movies and other entertainment content and a producer of the content itself. For incumbent businesses, innovation is indeed the key, but many firms espouse the value of innovation while ensuring their organisational architecture doesn’t allow for risk-taking. Even when companies are willing to think and see differently, there is still a big gap between having a range of plausible ideas and a coherent portfolio of strategic bets embedded in an organisational architecture that will enable the business to capture value across time. The empirical reality suggests a disconnect between the creativity and innovation aspirations of companies and the reality of mediocrity that mires many. Herding effect There are many reasons incumbents fail, but one of the biggest is the tendency to consider the landscape as fixed and to pursue standard practices such as benchmarking as the basis of which the strategic directions of the company are set. This leads to a herding effect that ensures a sameness of endeavour and a limited vision of alternate possibilities. If we wish to truly be relevant in tomorrow’s world, we must do much more than talk the rhetoric of innovation and disruption, while living the reality of business as usual and seeing tomorrow through yesterday’s lens and hoping if we can catch up to the leader of the pack, we too can earn greater profits. The reality for businesses around the world is that survival in tomorrow’s world is far from guaranteed. Innovation in its many possible forms is crucial to performance. But the devil, as always, is in the detail. Starting to see differently and expanding the horizon of possible strategic bets is a necessary condition, but we must also embed a broader portfolio of such bets into the organisational architecture. Companies such as Apple or Amazon are successful because they have created organisations that are geared towards embracing innovation. Language can often obfuscate detail and the rhetoric of innovation and disruption is clouded and confused. Business performance has always been about creating and capturing value across time. There is no dearth of Australian companies that espouse the value of innovation yet are ripe for all the forces of disruption because of their inability to adequately embrace and harness the organisational architectural shifts required to position for tomorrow. Right incentives Australian business has been too easy for too long and that breeds a complacency and reluctance to reinvent companies for the future. Iconic Australian companies such as Telstra in telecommunications, or Myer in retail, even our currently very profitable banks, are far closer to extinction than much of the Australian business community would believe. The problem for companies today is that tomorrow is coming faster and faster, so they need to plan and strategise differently. With the right incentives, structures and culture, businesses will be able to exploit value from the world as it is and explore for value in the world as it could be. That’s innovation. And a failure to do so is the beginning of the end. by Associate Professor Vivek Chaudhri Associate Professor Vivek Chaudhri is the academic director of executive MBA programs at Melbourne Business School. He advises CEOs and boards in Australia and overseas on innovation and strategy. This content has been produced by Melbourne Business School in commercial partnership with BOSS magazine.

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A verbal assistant to help with autism

IMG_1544

Pollexy is a special needs verbal assistant that lets caretakers schedule audio task prompts and messages both on a recurring schedule and/or on-demand. Caretakers can schedule regular medicine reminder messages or hourly bathroom break messages, for example, and at the same time use their Amazon Echo and mobile device to request a specific message be played immediately. Caretakers can even set it up so that the person needs to confirm that they’ve heard the message. https://aws.amazon.com/blogs/aws/pollexy-building-a-special-needs-voice-assistant-with-amazon-polly-and-raspberry-pi/

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