In a recent article published at Centrum Balticum, Shift Actions’ CEO Jan Niemi discusses the pressing need for the maritime industry to move beyond regulatory compliance and embrace innovative strategies to achieve true competitive advantage. While meeting legal and regulatory requirements is essential, it should be seen as the starting point rather than the ultimate goal.
Niemi argues that the current focus on compliance often leads to a narrow approach, where companies are more concerned with avoiding penalties than fostering innovation. This results in a crowded “red ocean” where competition is intense and differentiation is minimal. He advocates for a shift towards “blue ocean” strategies, which involve creating new market spaces and making the competition irrelevant.
To achieve this, maritime technology providers and shipping companies must invest in research and development, embrace new technologies, and foster a culture of creativity and risk-taking. Leadership plays a crucial role in this transition, with leaders needing to set ambitious goals and encourage their teams to think beyond compliance.
Embrace new technologies, and foster a culture of creativity and risk-taking
Niemi suggests practical approaches such as implementing innovation labs, building corporate ventures, and establishing cross-functional teams to explore new technologies and business models. Additionally, he highlights the potential of venture clienting, where established companies partner with startups to infuse innovation into their operations.
In conclusion, while regulatory compliance is fundamental, it should not be the end goal. The maritime industry must aim higher, seeking out competitive advantages through innovation and blue ocean strategies. By doing so, companies can navigate beyond the crowded waters of compliance and into the open seas of opportunity.
Read the full article by Jan Niemi at Centrum Balticum.