Leverage the Knowledge of Others to Enhance Strategy and Inspiration

Published: 28/12, 2023

By John Somers, VP, Construction & Utility Sector, Association of Equipment Manufacturers (AEM)


Everyone has probably heard the saying, “Technology is advancing faster than ever before, and it will never be this slow again.”

It’s kind of a crazy statement, especially if you take it at face value. But it may not seem as extreme or fast if you’re only paying attention to the advancements in your particular industry. What it is, however, is exactly the reason why we all should pay very close attention to what’s going on around us and – perhaps more importantly – recognize the value of engaging in cross-industry learning opportunities.

It’s no secret the business landscape around us continues to evolve at a rapid pace. With it comes unprecedented challenges and opportunities for organizations as they seek to stay out in front of shifting customer expectations.

One specific way companies are gaining valuable information and insights is by examining what’s happening in other industries. Whether it occurs through reviewing successful best practices or adopting fresh perspectives, organizations can leverage the experiences and viewpoints of others to improve strategies and gain new perspectives on innovation.

Consider the farm-to-table movement in agriculture and its emphasis on using locally produced ingredients. Meanwhile, the energy sector is currently exploring something similar, as many utility companies today are looking into decentralized energy generation and distribution. In doing so, utilities can prepare for the reliability and resiliency the future demands, as well as more easily integrated renewable energy generation.

With all that being said, here’s what can happen when you start looking outside your own industry to gain insights:

You look further and learn from others. We talk about “silos” internally and how organizations can break them down and foster inter-departmental collaboration. Why not take that a step further and start breaking down the walls that surround our entire industry? 

Embracing a more open approach for our industries means typically looking at the on-road industry in order to see what may be on the horizon. Whether it’s safety innovations like object detection similar to the parking sensors in your vehicle, or regulations like engine emissions, it’s typically impacting on-road vehicles first.

Recently, I was afforded the opportunity to participate in Twisthink’s Shared Spaces program, a four-month interactive experience which that together 30 representatives from several different industries, including healthcare, mobility, and industrial. We participated in virtual meetings and learned about multiple different technological advancements and initiatives from each industry. While the presentation portion of each interactive Zoom call focused on one industry, the breakout groups discussed how one trend may affect another and what a challenge in one industry could offer in terms of looking outside the normal field of view and through a different lens.

You develop a learning culture. Organizations would be wise to develop a culture of learning and fully embrace cross-industry inspiration. By encouraging curiosity and exploration, employees can step outside their comfort zones and enter a collaborative environment. With rapid change and constant innovation all around us, businesses cannot (and should not) only engage with their own industries.

I, for one, listen to a lot of real estate and home building podcasts. This may seem like an adjacent industry, but the messages are often more focused on running the business and how to encourage each person to thrive in their role and expand in a market. What it’s not about is the actual building process, and it’s absolutely fascinating.


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