Invited by Bhumika and the team at IMI plc, the world's largest manufacturer of environmental control systems, to keynote and host a workshop at its first global innovation summit.
Matthew GriffinFounder, President and Futurist, 311 Institute
G7 · G20governments advised
850+keynotes
102countries
17codexes
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Bhumika and the team at IMI plc, the world's largest manufacturer of environmental control systems for everything from homes to giant offshore oil rigs, asked Matthew to give the keynote and host the workshop at the company's first global innovation summit. Hundreds of leaders from around the world gathered to examine market trends and explore new directions, as IMI looks to grow top line revenues by over $1 Billion within four years.
In his keynote Matthew looked at emerging innovations in IMI's own industry, and in adjacent ones, that could affect its business and market for better and worse. He also explored the technologies being used to create passive homes and carbon negative ones.
"Opportunities for re-invention and re-framing your business are everywhere as digitisation and new technologies let companies in all industries break out of their silos."Matthew Griffin, Virtual, February 2022
After questions, he made the case for mission statements and redefining purpose: moving from a business centred on "heating" to one centred on "comfort", supported by digitisation and new operating models. With that groundwork laid, the room explored a wide range of complementary current and future markets, from financial services and mobility to smart homes and even mental wellbeing.
More than 300 participants from around the world then joined a four hour workshop to ideate new products and visions for the company, giving IMI a set of ideas to help it evolve beyond its core.
311 Intelligence
What this means for your leadership team
Purpose sets the size of the market.
IMI looked at growing its top line revenues within four years. The session argued that a business centred on heating is smaller than one centred on comfort. Redefining purpose is therefore a growth decision, not a branding exercise.
Digitisation removes industry borders.
The keynote said digitisation and new technologies let companies in all industries break out of their silos. Digitisation is a trend leaders should act on now, with three quarters of humanity online. Markets such as financial services, mobility, smart homes and mental wellbeing became open ground for the room.
New models must carry the new purpose.
A wider purpose needs operating models that can change quickly. Adaptive operating models treat the organisation as a modular platform. Passive and carbon negative homes add a further test, as carbon negative pledges are still rare and buying removals at scale is uncommon.
Three questions for your next leadership meeting
Is our purpose defined by a product or by the need we serve?
Which adjacent industries could reach our customers before we do?
Can our operating model reconfigure fast enough for a wider purpose?
The trends and technologies behind this session
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
It shows that a company can widen its market by redefining its purpose. IMI moved the discussion from heating to comfort, then tested ideas across many markets. Any organisation tied to one product can run the same exercise.
How does digitisation relate to this session?
Digitisation was the enabler named in the keynote, letting companies break out of their silos. Three quarters of humanity is now online and AI digitises paperwork. That makes it easier for outsiders to enter a market built around a single product.
How do adaptive operating models relate to this session?
A new purpose needs a structure that can change with it. Adaptive operating models turn an organisation into a modular platform that reconfigures quickly as markets shift. The keynote paired a comfort-led purpose with new operating models.
How can 311 brief our leadership team on this?
311 offers a private executive briefing or leadership workshop, tailored to your sector, in person first.
Bring this to your leadership teamA private executive briefing or leadership workshop, tailored to your sector. In person first, anywhere in the world.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s session and 311 data.
If Matthew gave this session today
Innovation, re-invented for the exponential era.
The codex shows what it takes to build an organisation that grows at the speed of change, the same challenge IMI faced in moving its business from heating to comfort.
