One of the afternoon sessions of the 2011 FPDA/ISD Summit in Scottsdale, AZ was presented by Dr. Kathryne, PhD., Professor of Industrial Distribution at Purdue University. The title was "Business Innovation: Using Creativity and Change to Improve Business Performance."
In this session, Dr. Newton addressed the need for and description of business innovation, strategies for innovation, measures of innovation, ways to encourage it, fostering, and getting started. She presented many of the step-by-step procedures fostering innovation.
While costs savings and increased sales efforts are common ways to drive revenue and profit, business innovation is an essential means for growing most businesses. Fluid power distributors share in the responsibility with their component suppliers to answer the need for creativity for their clients.
While over 75% of the U.S. workforce belongs in the service sector of our economy and this includes the distribution function, this is an significant segment of U.S. industry. Many companies in the service sector have used creativity very effectively in growing business.