The processes involved in innovating may induce a degree of risk aversion, causing certain industry players to approach innovative solutions hesitantly. Striking a balance between the potential benefits of innovation and the perceived risks poses an ongoing challenge in the ever-evolving logistics sector. We spoke to Eric Ménard, Vice President Strategy and Business, Astrocast, about some useful tips on how to overcome risk aversion and more. More from our Feb edition here!
‘Innovation is a priceless catalyst for progress, and although it may not have a tangible price tag, we can measure its impact in various ways,’ explains Eric.
By avoiding hefty investments in custom-tailored solutions, companies can optimise their resources and focus on efficient, cost-effective approaches. The accurate measure of success lies in the visibility of goods, a factor that saves companies substantial amounts of money and contributes to a reduction in global waste.
Win-win
In essence, success in innovation is a win-win situation where companies benefit financially, and the world benefits environmentally. The ability to quantify this success through return on investment emphasises the practical value that innovation brings to the table.
Eric thinks that now shipping and container companies should take advantage of what is technologically being offered and make the most out of it. With a shift towards sea alternatives over air transport, a visibility challenge arises due to the lack of cellular coverage at sea. This presents a significant opportunity for satellite communication solutions.
These projects aim to leverage satellite technology to gather data along the entire shipping route. By enabling logistic companies to monitor their cargo efficiently, these initiatives not only enhance visibility but also contribute to environmental sustainability by minimising the impact on the environment, while also reducing significant waste,loss or theft in the of goods.
Experience matters
In the logistics and supply chain realm, the impetus for innovation lies in the hands of seasoned system integrators and solutions providers with extensive industry knowledge. These experienced professionals are crafting innovative solutions tailored to the intricacies of the supply chain.
The onus now shifts to shipping and cargo container companies to lead the charge in adopting these cutting-edge technologies. These entities can spearhead transformative advancements in the logistics landscape by grasping the broader perspective and recognizing the substantial return on investment these solutions offer. ✷
Calculating ROI
You can calculate the ROI on investment. The collaborative efforts of talented individuals, such as engineers, system integrators, and solution providers, bring forth solutions that significantly reduce development costs in terms of both money and time.
Innovation success is best gauged through the return on investment these solutions yield for a company over the long term.
The accurate measure of success lies in the visibility of goods, a factor that saves companies substantial amounts of money and contributes to a reduction in global waste.
In essence, success in innovation is a win-win situation where companies benefit financially, and the world benefits environmentally. The ability to quantify this success through return on investment emphasizes the practical value that innovation brings to the table.
