By Karl Simons OBE, Chief Futurist at FYLD
On repeat I see so many organisations delaying the adoption of new technology that will better their business, either due to fear of trying something new or because they believe there is never an ideal time given how busy they are. Conversely, those organisations that do make time to listen, understand and then move forward with innovating, evolve into progressive organisations that become leaders with their new ways of operating.
Throughout my career journey, I have come to understand that leading through innovation is critical to achieving exceptional outcomes for the organisations I have worked with. The trick I’ve learned is that I don’t always need to be the person who delivers the outcomes, but I’ve always made sure to open the door for those who need to see what’s on offer. Telling them, “If what you see is better than what’s presently in place and will undoubtedly lead to enhanced efficiency and better prevention of harm, then don’t wait!”
In the ever-evolving landscape of business, waiting for the perfect moment to adopt new technology can be a costly mistake. While it’s understandable that organisations are constantly juggling multiple priorities and challenges, there is no better time than the present to implement solutions that can drive significant improvements in efficiency and safety. Here’s why acting now is crucial.
The myth of the perfect time to adopt innovation
Many organisations hesitate to adopt new technologies due to the belief that they must wait for an ideal time—when schedules are less hectic, budgets are more flexible, or internal processes are more settled. This perceived perfect time rarely, if ever, materialises.
The cost of waiting
Delaying the adoption of innovative solutions can result in missed opportunities and continued inefficiencies. The longer an organisation waits, the more they risk falling behind their competitors who are quicker to embrace change. The consequences of waiting can be even more significant in industries like construction and utilities, where safety and operational efficiency are paramount.
Take the example of Kodak, a global market leader in their field who even invented the first digital camera in 1975, but hesitated to fully embrace digital photography. This reluctance allowed other companies to dominate the digital market, eventually leading to Kodak’s bankruptcy. Similarly, Blockbuster the number 1 VHS video store failed to adapt to the digital streaming revolution, even when given the chance to buy Netflix, resulted in its decline and allowed Netflix to become a dominant force in the entertainment industry.
On the other hand, companies that embraced innovation early, like Apple with the iPhone and Amazon with its e-commerce platform, have become global superpowers as leaders in their industry. These examples illustrate the importance of timely adoption of new technologies to maintain competitiveness and drive growth.
Case Studies
In sectors that have dangerous activities such as electricity, gas, water, highways or rail, the stakes are always high when implementing new technology, so it’s vital to get hold of case studies and understand how this can be applied within your own organisation. Examples of How FYLD has impacted the many progressive organisations that have taken the pioneering leap are below:
- Cut Costs: Implementing new technology can drive significant cost savings and efficiency improvements across industries. Due to reduced operational costs and enhanced resource management, FYLD’s clients have projected annual savings in the tens of millions of pounds. Clients have also realised significant financial performance incentives, including reduced fines.
- Enhance Safety: Immediate improvements in risk prediction and prevention can lead to safer working environments. With AI-supported point-of-work risk assessments and real-time hazard identification, targeted high-risk interventions, organisations using FYLD’s AI platform have seen immediate increases in compliance and assurance and in safety interventions by over 30% leading to reductions in incidents and injuries by up to 20%.
- Increase Efficiency: Streamlined processes and better resource management lead to significant productivity gains. With FYLD, clients have achieved productivity gains of over 12.5% and increased completed jobs by 15% through efficient remote management and streamlined operations. Additionally, these improvements have resulted in thousands of work hours saved annually, boosting overall workplace productivity.
- Stay Competitive: As demonstrated by the examples of Apple and Amazon, early adopters gain a competitive edge by leveraging the latest technologies to drive innovation and improve service delivery. FYLD’s clients find it easier to achieve regulatory compliance and enhance service quality, resulting in improved customer satisfaction and operational efficiency.
Embracing the future today
The future lies in embracing innovation today. Adopting cutting-edge solutions enables organisations to address their current challenges but also prepare themselves for future advancements. The technology that can be introduced now can lay the foundation for continuous improvement and long-term success. Don’t be too busy to take the time to see the technology available firsthand. Make the decision for yourself; and if what’s on offer is better than what you have, go for it!
Take the next step
Interested in how FYLD can transform your utility operations? Request a free demo today.
For a deeper dive into FYLD’s impact on utility management, explore our case studies.
