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Business Innovation Needed

In the access control and smart lock industry, when we talk about innovation, the default thought process is always technology. We want to believe that to see progress, meet our growth metrics, and take care of the customer, what we need is more wifi or a bluer blinky light. We apply this thinking to every vertical, including the multifamily market.

After our recent videocast with Jeff Kok, Chief Innovation Officer and Chief Information Officer, of Mill Creek Residential, it became evident that what innovation we need for the access control and smart lock industry was around how we do business.

It is becoming more evident to me that as we start to innovate technically with great software experiences, how we go to market, how our products flow to job sites, how we price our products and solutions, and who we work with has not changed in years.

I believe this may be a case of what was once a feature is now a bug, and it needs to change.

  • Do we have the right partners?
  • Are we pricing correctly?
  • Do we have too many steps in the process?
  • Can we clean up the industry fragmentation?
  • Do we need to streamline?
  • Do we need to consolidate?

I do not have all the answers, but I know that if we keep doing the same thing we have been doing for years while everything and everyone else around us has changed, we are in trouble.

My question to you is, what business innovations are needed to meet the multifamily customers we service where they are?