From the course: Supply Chain and Operations Management Tips

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Invest in innovation

Invest in innovation

From the course: Supply Chain and Operations Management Tips

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Invest in innovation

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- In a world of constant change, the survival of your business depends on your ability to innovate. If you aren't constantly looking for ways to improve, then you're basically surrendering to your competitors. There are really two kinds of innovation that you need to think about in any supply chain. Sustaining innovations are small incremental improvements. Disruptive innovations are the game changers. Each requires a different approach and a different set of tools. A good example that illustrates sustaining and disruptive innovations is the history of the music recording industry. The phonograph was invented by Thomas Edison in 1877. For about 100 years, the way that people bought music was to buy a record. Throughout that time, a series of sustaining innovations gradually improved the technology for manufacturing and for playing records. But then came the cassette tape and the CD and now streaming music. Each of these was a disruptive innovation that transformed the way music…

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