Avoiding Engage employees to see the benefits of new technologies, foster collaboration and understand the balance between cost and efficiency. By CW Karstens NAVIGATING THE LANDSCAPE of the promotional products industry requires careful consideration and strategic planning to avoid common pitfalls that can hinder progress and success. Here, we explore five key challenges and provide insight into how businesses can steer clear of these hazards while fostering innovation. Overreliance On Traditional Methods And Reluctance To Embrace New Technologies This industry, like many others, is evolving with advancements in technology. Businesses that fail to adapt to these changes may find themselves falling behind competitors. It is essential for companies to stay informed about emerging technologies and be willing to integrate them into their business processes. Embracing new technologies, such as enterprise resource planning tools or customer relationship management software, can provide a competitive edge and open up new possibilities for innovation. Avoiding Significant Added Costs Can Hinder Progress Budgets tend to focus on expenses versus revenue, and the important link between investment compared with productivity and its impact on revenue is often not studied enough. The sticker shock that comes with many software solutions often results in a decision not to implement new tools. Make sure to take the time to really think about and quantify the hidden benefits of enhanced efficiency once the new tools are in practice. Incorrectly Prioritizing Where To Innovate Choosing the wrong innovation opportunities could be due to an employee or department quietly doing large amounts of manual procedures out of sight of those looking for areas of improvement. Or maybe the organization is making changes in areas that are reported due to a disgruntled employee rather than real issues. It is imperative to periodically review how work is getting done. Pitfalls Gannvector / Shutterstock.com 32 • APRIL 2024 • PPAI Voices | Innovation
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