The role of innovation in Middle East's FM sector
Corporate innovation is necessary for survival
There are many theories that exist about innovation nowadays. While some focus on applicable services, others mainly discuss the role of technology and its disruptive effects. Regardless of how diverse these theories are, many of them are essentially tied to the manufacturing industry at a time when production has become the main driving force of the global economy.
Two schools of thought exist regarding what the main drivers of innovation are. The first is the ‘market view’, while the second involves the ‘resource view’.
The former believes that market conditions provide the context that facilitates or restrains a firm’s innovation potential, while the latter proposes that it is a firm’s own resources that determine its capacity to innovate and shape the markets.
Service innovation as a tool for corporate success and survival has become a particularly necessary part of any business’s operations. Aside from providing value to core business functions, innovation is a corporation’s response to an unending and increasing stream of knowledge that keeps the marketplace in constant motion.
Service innovation plays a fundamental role in an FM provider’s growth and development. It helps differentiate key players from their competitors in the market. FM innovation has therefore become an essential part of business strategies and operations.
The relevance and importance of innovation are not just limited to industrial products and processes alone, but also extend to the environment, facilities, and organisational employees, as well as the buyers of products and services.
Additionally, innovation in FM services is not just about delivering services in the most effective ways, but also about establishing a creative environment in which solutions can be conceived, developed, and applied.
Innovation in FM is also motivated by the need to develop long-term relationships with customers by effectively catering to their specific needs.
It has become extremely important that innovation be given significant attention, especially now that industries and service providers prefer to outsource more and more of their subsidiary services. Innovation can ensure continuous quality improvement and consistent property value enhancement, while reducing costs and business risks.
This approach will allow FM companies to offer pioneering services that meet their customers’ unique requirements and demonstrate their commitment to higher client satisfaction.
FM outfits can regularly study their internal and external environment for relevant signals about threats and opportunities for change, and respond accordingly by introducing creative and innovative solutions.
One should bear in mind that failure to embrace a culture of innovation will hinder the growth and sustainability of an organisation. Since the current business sphere involves a highly competitive market, FM organisations need to have a practical strategy towards their business objectives and routine operations, and all employees need to be widely educated about these programmes.
In this regard, FM innovation should be firmly incorporated into the total management system – it can help the organisation flourish as a whole.