Having a business requires high levels of innovation to get ahead of competition and make your brand a household name. This is especially true in overlooked industries that don’t generate enough buzz compared to the likes of the fashion or food industry. You need to attract new customers and this can be difficult if you have outdated processes. Therefore, you should look to implement more modern techniques to help you break out into the market.
This article will identify how your business can thrive within the less popular industries. You can focus on industries like HGV driving and rural utility, as you demonstrate that fresh thinking can lead to high levels of growth. Continue reading to learn more about how to become an innovator in your industry and compete with others.
Overlooked Industries Where Innovation is Key
Waterwaste Management
The water industry is an essential sector that often operates with outdated infrastructure and inefficient systems, making it a prime target for innovation. One key area for improvement is the implementation of smart grids and IoT, which use data to monitor water usage. It does this by detecting leaks in real-time and optimising distribution networks. Innovators can focus on more sustainable and efficient wastewater treatment methods, including technologies that convert waste into valuable resources like clean energy or fertilizer.
Developing cost-effective technologies for desalination and purification is crucial for reducing the scarcity of global water. This means that innovation within this industry can lead to high levels of business growth, especially since it’s quite a niche industry to get into as a new startup.
Food Production
Due to the fact that the food production industry has evolved over centuries and is often resistant to change, the sector’s fragmented nature and tight profit margins have historically made it less appealing to tech startups and investors compared to more disruptive industries. However, there’s constant pressure from population growth and consumer demands for sustainability. This has made food production a more critical area than ever before and has opened the door for innovation.
For example, using drones, sensors and GPS-guided machinery has helped farmers analyse crop health and soil conditions. They can then apply resources like water and fertilizer with extreme precision. Businesses can inject themselves into this market with the development of more useful technologies.
Logistics
Logistics is often perceived as a low-tech function of moving goods from point A to point B. In reality, it’s an intricate system that can dramatically improve efficiency, reduce costs and create a significant competitive advantage. This is especially true for Heavy Goods Vehicles (HGVs), which are the backbone of many supply chains. Lifft Group has one of the largest HGV fleets in the country and have innovated their focus so that it’s on training new talent for the industry.
There’s other areas of innovation within logistics, such as using software to consolidate shipments and plan the most efficient routes. This reduces fuel consumption and the number of vehicles on the road. Being innovative in logistics can be difficult, but it can be achieved with perseverance.
Construction
Building Information Modeling (BIM) can create 3D models for various aspects of the construction industry, which can help contractors with their day-to-day work. Other cutting-edge technologies include 3D printing for more precise fabrication and robotics for automating repetitive tasks on the construction site. The integration of these technologies creates a streamlined, efficient and safer construction process, moving the industry toward a sustainable future.
Innovation is also about new materials and techniques, such as self-healing concrete and prefabrication construction, where components are built off-site in a controlled environment to reduce waste and speed up assembly.
Manufacturing
Industry 4.0 integrates advanced digital technologies into traditional manufacturing and has transformed how businesses design products. Machines now interconnect through the Industrial Internet of Things (IIoT), which enables real-time data collection and analysis to accelerate the entire manufacturing process. Businesses also use this data to predict equipment failures and maintain quality control with greater precision.
Moving towards a data-driven and automated production model has improved efficiency for manufacturers and enhanced their ability to respond to market changes. When starting a manufacturing business, you need to be ahead of competitors when it comes to this so you need to be innovative from the get go.
Final Thoughts
Exploring entirely new business models is the key to innovation, such as using technology or creating partnerships. The key is to leverage the industry-specific expertise that already exists and combine it with new methods to get ahead of others in your market. A fusion of old knowledge and new techniques can create a sustainable competitive advantage and open up more avenues for growth. Even the most traditional industries can discover new avenues for growth and a sustainable competitive advantage.
