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May 18, 2017
The Edison Awards have spent 30 years honoring the best in innovation and excellence in the development of new products and services. Recently Greg Folley, Caterpillar vice president for Industry Solutions, Components and Distribution, participated on a panel titled “The Future Belongs to Those Who Build It” at the annual event providing insight into the challenges of innovation, guidance and shared expertise on how it is done.
“The biggest challenge we have stepping into the future is protecting what we’ve built, while working to expand that success,” said Folley. “Sometimes people don’t realize the opportunities to grow can be greater by taking some calculated risks and stepping out of the comfort zone.”
Caterpillar, for example, has a tradition of leading in our industries. In the Industrial Digital Revolution, we’re merging our expertise in iron with new and evolving digital capabilities by connecting entire fleets, analyzing data and creating solutions that help our customers run, grow and innovate their businesses.
Folley went on to say that to truly innovate, you need to first determine the problem you’re trying to solve, you need to iterate, and you need to celebrate successful failures along the way. He also added that Edison himself famously stated, “I have not failed. I’ve just found 10,000 ways to build a light bulb that won’t work,” and that the cultural shift into that mindset often plays an important role.
He closed by sharing a few examples of innovation at Caterpillar, including the recently announced Caterpillar Wastewater Treatment Service Pilot, and showed a video highlighting Caterpillar overcoming customer challenges with technology.