One year after taking the helm of Madison Electric in 2008, Wiandt launched the Sparks Innovation Center, an Internet-based product development program that uses crowdsourcing to partner with electricians and contractors to develop their ideas.
Innovating the Way to Growth
That's because Wiandt and Madison Electric decided to use the Great Recession as a chance to reinvent the company. Rather than bury its head in the sand and try to survive the turmoil of the economic downturn, Madison Electric aggressively set forth on a new path, one which now guides the decisions the company makes.
"We have somewhat of a tolerance for failure. You have to as you're trying to be aggressive and innovative," says Wiandt, who characterized his company as 'fluid.' "Not everything is going to work but you have to try. One out of 10 is going to be a home run."
An exception to the rule
Patrick Cogny, senior vice president of GenPact, a global business process management services company, for the most part sees a heightened sense of caution in the executives with whom he works. Certainly, not all executives are as willing to dive into new processes as Wiandt.
“It’s not caution that prevents people from doing things, which was the case during the downturn,” says Cogny, who oversees the company’s infrastructure, manufacturing and services vertical.
Instead of just worrying about keeping their jobs as many did during the Great Recession, executives now have more stability and can focus on long-term strategy. However, in general executives are being more deliberate in their decision-making and considering risk more before moving forward.
For example, a leader looking at supply chain development likely will more closely evaluate potential partners on compliance and risk factors.
“As they need to grow, they want to sure the new clients they acquire are of high quality,” Cogny says.
