CCN talks to Panasonic Air Conditioning's product marketing manager, Jack Tey, about the high cost of doing nothing.
Businesses need to constantly evolve just to compete, because companies that do not innovate will disappear.
The worst response is always inaction or delay which allows another company to position itself as an industry leader. Being an innovator in today’s business environment can be priceless.
Competition is everywhere and customer expectations are greater than they have ever been.
For companies that want to succeed, strong leadership is essential. These are the people that inspire others and drive employee productivity. The connection between leadership practices and employee productivity is well documented, it’s not an obscure science.
Leaders can set the tone, motivate others and reduce staff turnover. But most importantly, leadership impacts the bottom line.
It is leaders who help employees set goals; make sure that those goals are in alignment with overall corporate strategy. Leaders are also responsible for providing the direction and support that employees need to succeed at work on a daily basis.
A big believer in innovation is Panasonic Air Conditioning, the company’s product marketing manager, Jack Tey, said competition in the industry is fierce.
“The cost of doing nothing concept is extremely important to Panasonic Air Conditioning as we are well aware that we can never stand still; we must constantly evolve and innovate,” Tey said.
“It is essential that we work hard to maintain our current customer base, and don’t take their use of our products and solutions for granted.”
Tey also believes a new type of business leader is emerging in Australia. He said leaders are now more inclined to foster collaboration and work in an agile manner.
“Dynamic leaders are priceless and can truly help to inspire growth and innovation in a business,” he added.
Panasonic Air Conditioning has been around for more than 60 years and that kind of longevity requires hard work. Tey said the business has survived because of hard work and staff ideology.
He said the staff mindset is to deliver above and beyond customer expectations.
“Companies must evolve and innovate to deliver unmatched solutions in the market,” Tey said.
“In the past decade, the evolution of our technology means our products and solutions are now heavily embedded within Australian homes and buildings across the country.
“For example, our groundbreaking nanoe-X Air Purifying system – which eliminates micro-organisms by inhibiting up to 99 per cent of airborne bacteria, virus and mould – is a highly-regarded innovation in air-conditioning.
“We also know that people are increasingly focused on energy-efficient solutions that are environmentally friendly while also delivering cost savings, and we recognise the importance of these features within our commercial and residential solutions.” But as Tey points out it is about more than a product or solution. To remain competitive other areas of the business must also set a high standard.
“Our air-conditioning products are extremely reliable and allow users peace of mind as we deliver exactly what we promise and more,” he said.
“But we also focus on our customer service, offering consultations to provide tailored-solutions rather than upselling products that may not be required.
“The company has topped the Canstar Blue customer satisfaction table in the airconditioning sector from 2016-2017, so we believe we are doing something right.”
Its also about turning challenges into opportunities. Tey said expanding into the commercial market required focus because Panasonic was so well-known for its residential solutions. “But expanding our focus has paid dividends, as the commercial market now accounts for a significant portion of our business,” he said.
A successful business is one that can set itself apart from the rest of the market.
“Having operated for more than 60 years in this space, we have an incredible wealth of knowledge. Combining that with our start-up mentality of consistently trying to innovate and push the boundaries of what is achievable, means that we deliver industry-leading solutions, with the latest and most innovative technology,” Tey said.