Many modular factory owners are eager to reap the benefits of innovation—even before taking their first steps. But here’s the truth: innovation is inherently a gamble, much like playing roulette. Its success depends on the risks you’re willing to take and the processes you put in place.
What Is Innovation?
Innovation means different things to different people. For some, it’s the use of knowledge to create more valuable products. For others, it’s about developing new services, business models, processes, or management techniques.
Regardless of interpretation, innovation is fundamentally a tool for increasing efficiency.
How to Approach Innovation
Innovation can be pursued in many ways, but let’s focus on three key strategies:
- Free Innovations (doesn’t really work)Set clear goals and challenges to inspire fresh ideas.
- Engage diverse contributors, including:
- Office staff
- Builders and installers
- Clients (both new and existing)
- Material suppliers
- Low-Budget InnovationsInvest modestly in researching new materials.
- Encourage your team to experiment and take initiative.
- Gradually implement new ideas and hold brainstorming sessions.
- Create and test prototypes with client feedback.
- Major InvestmentsDevelop and manufacture a demo modular home.
- Launch a new business model or production line.
A Simple but Powerful Plan
The formula for innovation is straightforward:
- Generate Ideas Constantly: Collect insights from every possible source—this costs little but yields valuable opportunities.
- Test Prototypes: Move promising ideas to the prototype stage, evaluate them rigorously, and be ready to pivot or abandon them if necessary.
- Take Strategic Risks: Ask yourself—are you prepared to invest resources in developing a demo home or testing a bold new concept?
The Reality of Innovation
Innovation is not free, and it’s not without risk. But when approached strategically, it doesn’t have to break the bank. Start small, take calculated bets, and remember: the first step is often the hardest, but someone has to take it.
With the right mindset and processes, innovation becomes more than just a buzzword—it becomes a powerful driver of growth and success in modular construction.