Remember the innovation catchcries of the past decade such as “Innovate or die!”? Innovation was the buzz-word of the noughties and triumphed as the solution for Australian industry, science and education alike to keep a competitive edge over the emerging tiger economies of Asia and beyond. But as we transition into the next ten years, has overuse of the term innovation over the past decade meant that the definitive buzz-word has lost its buzz?
Of course the idea of innovating for a competitive edge is essentially correct. However, with innovation’s meaning so diverse to so many different people, many SMEs may feel the idea of innovation is out of reach. This is not so under QMI Solutions’ definition (see page 3), which releases the binds of innovation being tied solely to the development of new products and services and includes any idea that can be converted to commercially successful outcomes.
Therefore QMI’s broader classification of innovation comprises both revolutionary and evolutionary activities. By including both new ideas and enhancements to existing products and services within this definition, industry, especially manufacturers, can be seen to innovate daily. Business model innovation is particularly seen as a practical type of innovation that derives its competitive advantage from developing a distinct value proposition. This is a good example of the emphasis on a ‘value’ outcome dovetailing with the concept of innovation – exactly what SMEs want.
Earlier this year, QMI launched the pilot of the European Union’s successful Imp3rove innovation benchmark tool. Imp3rove provides an objective analysis of innovative processes and practices within a company compared against others in the same sector, providing a clear path for improvement. More recently, in conjunction with world renowned Fraunhofer Institute, we have finalised an SME-focused program on cost-focused innovation, which helps SMEs identify new price sensitive customer groups and then design products that meet the absolute needs of that group.
Additionally, at QMI’s official opening in November, we launched our Technology Demonstration Centre, which hosts world-class technologies and demonstrations, giving Queensland manufacturers rare exposure and the opportunity to experience research and development not readily accessible.
Through its core activities in the areas of skills, performance and capability, QMI Solutions continues to lead and enable innovation in SMEs to create maximum value. For example, PTE Hydraulics experienced a 25% improvement in sales and growth and Mackay-based Austchrome increased production volume by 50%. There are many more success stories of how QMI has helped implement practical innovation solutions on our new website under “Case studies” at www.qmisolutions.com.au. QMI Solutions continues to develop a range of practical tools and material to support SMEs in the quest for innovation adoption.
Don’t hesitate to contact us if you are keen to find out how we can put innovation within your reach.
For further infomation:
+61 7 3364 0700
info@qmisolutions.com.au