Are You Ready To Innovate?

Are You Ready To Innovate?

ions have always been held by teachers from our industry’s own University of the Aftermarket or the INCAE Business School. The INCAE Business School is widely recognized as Latin America’s leading MBA business program, with campuses in Nicaragua and Costa Rica. Finding its famed roots all the way back to JFK and the Harvard Business School, their programs have generated some of the leading business minds in the region. This year’s training session in Panama was presented by one of their finest professors, Juan Carlos Barahona PhD. Barahona is an MIT graduate who teaches technology and innovation at INCAE.

How about that — a professor of technology and innovation! His presentation was superb, focusing on the need for businesses to innovate. His MBA classes teach business professionals how to use digital technologies and social networks to promote the dissemination of ideas and behavior modification to change corporate structures to innovate. This is so important for all of us in the auto parts world; as we’ve said before in this column many times already, be ready to innovate or step aside, because your competitors will.

The need to innovate has clearly become a required core competency in our times. The desire to learn how to innovate is out there; a quick search of Amazon.com shows that they carry more than 11,200 books with the word “innovation” in the title, just under their business section for books.

Pro. Barahona went on to share some revealing statistics on the cost of not innovating. Based on a 2001 study by Foster & Kaplan aptly named “Creative Destruction,” analyzing the Forbes 100 business list from 1917 to 1987 reveals that:

•60 percent of the original businesses no longer exist.
•Only 18 percent remain in the Top 100 Forbes list.
•All new entrants into this select group displaced an existing business based on an innovative core competency their competitors lacked.

Barahona further challenges us to have the audacity and discipline to continuously reinvent ourselves and be a protagonist of the major leap undertaken by our species in this new technological world-order.

So the question is clear: are you ready to innovate?

Mandy Aguilar is a regional vice president for Jacksonville, Fla.-based The Parts House. Visit his blog at www.mandyaguilar.com.

You May Also Like

Will Surging Gas Prices Hurt The Aftermarket?

The jolt to miles driven – a key indicator for the aftermarket – remains to be seen.

Editor's note: This column appears in the June issue of AMN/Counterman.

As of today (June 15), the average price of a gallon of regular gasoline in the United States is $5.01, according to AAA. That’s up from $4.47 a month ago.

Remember the good old days? A year ago (from June 15), the average price of a gallon of regular gas was $3.076 – a great time to fill ‘er up, compared to today.

Online Ordering Isn’t A Fad

Online sales in the automotive aftermarket continue to grow.

What Will the ‘COVID-Era Consumer’ Do in 2022?

The beauty of the automotive aftermarket is that the economic conditions always seem to work in the industry’s favor.

Online Shopping
Right To Repair, Trade Associations And You

In the fight for Right to Repair legislation, aftermarket trade groups can’t do it alone.

Veterans Can Be Heroes Off the Battlefield Too

Veterans bring an incredible amount of value to the civilian workplace, in terms of nontechnical and technical skills.

Veterans and Vehicles

Other Posts

What’s Really Driving The Automotive Aftermarket’s Growth?

NPD’s Nathan Shipley looks at the many moving pieces contributing to the industry’s recent spike in demand.

aftermarket growth
Strength In Numbers

The automotive aftermarket is filled with great people. In fact, many say it’s our strong suit.

Teamwork automotive aftermarket
Never Stop Learning

With so much internet-based training content available, it’s never been easier to expand your knowledge base.

Continuing Education
Welcome To 2035 – What Things Might Look Like

The future is what we make it. We need to start addressing technology now so 2035 becomes a bright future.

Future of Transportation