What counts as the largest sector in industry? Well, these are Industries and business sectors that are classified as traditional or mixed traditional industries. These traditional industries have a great difficulty in keeping up with the pace of the globalizing world because of certain drawbacks.
The drawbacks of the sector are due to low productivity by employees and slow improvement rate in productivity. The reason for this is the lack of innovation, knowledge, awareness and analytical tools to progress.
As the traditional industries have a considerable amount of share in product and in employment, importance of innovation in technological and business realms is substantial. Embracing innovation will help the traditional industries to function as mature companies and boost the general economic growth.
Ways in which Innovation can help the Traditional Industries to progress:
Innovation begins with creative ideas and these ideas should not only be original and new, but further, they need to be pragmatic and relevant so the problems at hand can be resolved successfully.
Precise innovative measures
Taking accurate measures in innovation, like promoting innovative business models, management approaches, etc. is crucial because traditional industries make the largest contribution to the economy in terms of product and employment. It will help to reduce the income gaps and improve the income of each employee. It will turn to be a sequence of benefits: the organization as a whole, the employees, and economy.
Innovation reflects learning Orientation
Innovation promotes inventiveness and those organizations that embrace innovation showcase are considered open minded and value creators. It also shows that they are ready to learn and abide by new changes which will also take their organization to the next level. This will lead to develop an innovative work culture and there will be no isolation from knowledge, advanced high-tech solutions, etc.
Innovation should be continuous
Innovation is the fuel to success, but it should also be continuous in the traditional industries. A lot of studies and surveys have been conducted on the traditional industries which show that these industries lack R&D divisions or they do not invest in R&D at all. Some traditional industries lag because of the shortage of dedicated professionals in development.
Reluctance to use new technology or considering it frivolous can affect the efficiency of industries
A lot of traditional industries show their reluctance to adopt innovation because they consider it risk taking, expensive and a waste of time. However, deciding what is worth incorporating, brain shifting and commitment towards learning can give an edge the way traditional industries operate as the characteristics of an organizational culture of innovation is risk taking, high autonomy and tolerance towards errors.
Moreover, adopting innovation is the right solution though it can be long and challenging. It’s true that any change comes with additional expenses. However, it could be reduced if it’s accompanied by training and implementation.