Why Cross-Industry Collaboration is the Future of Innovation
The world we live in is constantly evolving and becoming more complex. From advancements in technology and shifting societal landscapes, to natural disasters and global economic fluctuations, we are constantly faced with new challenges and opportunities that require us to seek out unique and innovative solutions.
To face these challenges, it’s important to step outside your day-to-day routine and explore trends taking place in other industries. Cross-industry collaboration is essential for businesses to prepare for the future, break free from traditional thinking, and find innovative solutions to today’s complex problems.
Harvard Business Review stated it best: “In an increasingly digital and connected environment, leaders of established companies frequently find themselves facing opportunities that they—or even their industries—cannot seize alone.”
The Benefits of Cross-Industry Collaboration
As business leaders seek to effectively manage today’s challenges, many don’t take the approach of looking outside their own industry. Leaders are experts in their field, but their experience is siloed. They have a limited perspective of how the world works, and today’s problems are demanding of fresh inspiration.
By stepping outside of one’s own industry, business leaders can gain new perspectives, re-charge their ideas, find new opportunities, and discover trends that may come to disrupt their industry.
According to Inc. Magazine, “Connecting with people in other industries can lead to greater innovation, improved employee satisfaction, and an overall boost to your company’s prospects.”
Cross-industry collaboration creates an environment where diverse perspectives can be shared and rich, inspiring conversations can take place. By breaking down silos, individuals and organizations can look beyond their own boundaries and explore unique viewpoints that hold value for their business and stakeholders.
A perfect example of this is an automotive seating company that wanted to enhance the comfort of passengers after their journey, compared to when they first got into the car. They realized during the development that this meant focusing on each individual in real-time, rather than a theoretical ‘average’ person.
To achieve this, they partnered with the Spine Research Institute at Ohio State University in the United States to develop tools that measured comfort in real-time to help alleviate discomfort. They also collaborated with NASA engineers to review and improve techniques for collecting a person’s vital signs with sensors that do not touch the skin. Hoana Medical, an American company, supplied the non-contact sensors for the Active Wellness seat, obtaining exclusive use of this technology for automotive applications.
By combining these contactless sensors with unique algorithms and signal processing, they developed a seamless system that provides real-time monitoring of the driver and delivers customized treatment. This technology is designed to work efficiently while the vehicle is in motion, providing a personalized and comfortable driving experience.
Preparing for the Future Through Cross-Industry Collaboration
Cross-industry exploration can also help businesses stay ahead in a fast-paced market. It provides a perspective that says, “Things are changing quickly. What trends are going to impact my business?” It offers an opportunity for business leaders to broaden that perspective, understand their strengths and identify potential weaknesses. Exploration of new spaces allows businesses to gain unique insights that can impact their strategic planning and properly prepare for the future.
Exploring other industries is a simple yet effective step forward for businesses to look beyond their corner of the world. Collaboration with like-minded individuals outside of their industry can provide businesses with actionable insights and a better understanding of global trends.
It provides an opportunity for businesses to embrace innovation and gain a new perspective that can positively impact their company’s future.
Get connected. Get inspired.
Are you looking for a way to get connected and collaborate with cross-industry leaders? We created a cross-industry insights program, called Shared Spaces, that brings together leaders from industrial, healthcare, and mobility sectors. It’s intentionally designed to help leaders unlock new ways of thinking by exploring the convergence of cross-industry trends and their evolving future. Visit this page on our website to learn more or apply today.
Join our Insights Program
Exploring other industries and where they’re going can unlock a whole new way of thinking. Many companies fall short in tapping into their team’s creativity and imagination. Shared Spaces aims to break through these obstacles. By exposing yourself to new ways of thinking and different challenges, you can unlock fresh perspectives and spur original ideas.Apply or learn more