FOR IMMEDIATE RELEASE
August 13, 2024
CONTACT: Keshia Mark, Klm74@gsb.columbia.edu or Patrick Clinch, pclinch@skdknick.com
NEW YORK, N.Y. — A new report by Columbia Business School’s Center on Global Brand Leadership with the support of Trimble, a technology company focused on helping the world work better, reveals innovation strategies in agriculture, construction, and transportation that could significantly contribute to the US economy. The report, titled "Innovation Growth in the Lynchpin Industries," aims to provide a roadmap for transforming these sectors, which collectively contribute approximately 10% to the US GDP.
This white paper sets out to identify the current challenges and opportunities for innovation within these vital industries. By analyzing historical contributions and the modern landscape, the report provides a comprehensive framework for driving growth and efficiency. Agriculture, construction, and transportation are fundamental to our daily lives, yet they face unique barriers that hinder their full economic potential.
“Despite several specific hurdles outlined in the report, these lynchpin industries have become eager to embrace emerging technologies and innovation practices,” said the report’s author Matthew Quint, director of the Center on Global Brand Leadership at Columbia Business School. “This study outlines several techniques that can help them to break through the barriers they still face in making this transition.”
Inspite of their critical roles, these sectors encounter universal challenges such as regulatory hurdles, an aging workforce, and complex operational ecosystems. The USDA found that, “The average age of all U.S. farm producers in 2017 was 57.5 years … continuing a long-term trend of aging in the U.S. producer population.”
“The findings of this report align with Trimble’s vision and our focus on some of society’s most vital sectors,” said Pete Large, senior vice president of strategy for Trimble. “There is tremendous potential in these industries to improve operational performance through innovations that increase precision, drive efficiencies and expand access to real-time insights across connected workflows.”
Innovation is paramount for overcoming these obstacles. Key strategies include embracing digital transformation, fostering a culture of continuous improvement, and leveraging technological advancements. By doing so, companies within these industries can enhance efficiency, reduce costs, and improve sustainability.
The impact of embracing innovation as a core principle in these sectors is profound. The study envisions a future where transportation, agriculture and construction practices transform production through the use of technology, driving substantial increases in efficiency and economic output.
By capitalizing on the transformative potential highlighted in this report, stakeholders in these industries can contribute to a more robust and dynamic economy. Read the full report here: https://business.columbia.edu/globalbrands/research/innovation-growth-lynchpin-industries
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About Columbia Business School
Columbia Business School is the only world-class, Ivy League business school that delivers a learning experience where academic excellence meets with real-time exposure to the pulse of global business. The thought leadership of the School’s faculty and staff members, combined with the accomplishments of its distinguished alumni and position in the center of global business, means that the School’s efforts have an immediate, measurable impact on the forces shaping business every day. To learn more about Columbia Business School’s position at the very center of business, please visit business.columbia.edu.
About Trimble
Trimble is transforming the ways people move, build and live. Core technologies in positioning, modeling and data analytics connect the digital and physical worlds to improve our customers' productivity, quality, safety, transparency and sustainability. For more information about Trimble (NASDAQ: TRMB), visit: www.trimble.com.
