Adopting new technology costs money, time and resources. When the results are disappointing, how can businesses still harvest value? By learning lessons. For example, an earthquake in Japan a decade ago prepared Toyota for the shortage of semiconductors brought on by the COVID pandemic. A repository of lessons learned has considerable value. NASA and the Department of Energy both feature such implementations. Partnering with universities or Manufacturing USA is a way to harvest knowledge with limited risk. Ultimately, the goal of harvest value from risky technologies should be to convert data into knowledge, then knowledge into action.
- Technology adoption is challenging because it’s expensive, time-consuming, and resource-driven.
- Unlike other industries, auto manufacturers withstood the recent semiconductor shortages with ease.
- Manufacturing USA is a national organization of manufacturing institutes that is focusing on increasing manufacturing in the U.S.
“The idea of a lessons-learned repository is a concept everyone is familiar with, though many believe it is a trivial tool or undervalued.”