We had the pleasure of listening to Peter Lorange on first week of September. Peter spoke about organizing, managing and a strategically leading Shipping innovations. His books are on sale, which we recommend to read, but here’s a short “key takeaways” summary of the topic.
Innovations shall be categorized and portfolios managed by types:
- Maintenance innovations – being smart
- Technical innovations – Efficiency enhancing & security
- Disruptive innovations – New, radical, market changing
- Strategic innovations – KPI’s, calculated risks
- Be STRATEGIC – Focus on one industry, one only, but be diversified!
- Be FOCUSED – What is the key data in my industry and segment. Data mind!
- Think PORTFOLIOS – Insights pay off -> Narrow on ship type, broad on trade and market
- Understand ANALYTICS & CYCLES – Fredriksen, Wong (Seaspan)
- LEVERAGE only if you have long-term contracts
In shipping most often winners are those who bundle innovations from many categories. Sometimes combining small innovations into a bundle can become disruptive innovations.
Summary: Recipe for becoming successful
- Teams – avoid silos
- Networks – Flat, agile & adoptive organisations
- Self-steering - active, focus and goal oriented
- Crisis can be a change driver!
- Focus - Avoid flock thinking (fresh analytical questioning)
- Portfolio thinking – Correlation between markets