Every problem has already been solved. The solution in one sector can be of significant value to another sector.
Many organizations and governments continuously focus on their own sector. This way of thinking is traditional benchmarking. However, organizations within the same sector face similar problems and obstacles and think and operate according to the same dominant logic. This is a significant reason why much innovation comes from new entrants in a sector.
By learning from frontrunners in other industries, you bring crucial insights to your own organization. Structured learning from insights in other sectors opens your organization’s mind. It helps identify possibilities that were previously hidden.
Branchmarking is the systematic method of solving specific problems by translating and applying solutions from unrelated industries, thus fostering innovation within a specific sector. By seeking solutions developed for similar situations but in unrelated industries, you bring structure to a creative process that would otherwise depend solely on individual input.
In recent years, the Branchmarking method has been well-developed, and our database is now filled with cases from companies worldwide. The learnings from these cases allow you to specifically gain and share crucial new insights to build towards the future. Solutions outside existing paradigms are created, grounded in data from successful strategies and innovations of organizations in other sectors.
So, embrace the unfamiliar and learn from different sectors.
Author: Rob Adams