Here's how you can spot potential business opportunities as an Industrial Engineer.

As an Industrial Engineer in the entrepreneurship space, I have developed the ability to apply time series analysis and SWOT analysis in spotting opportunities for new products and/or new market segments. I am also trying to learn an emerging thinking approach call futures thinking. Futures Thinking is a cross-disciplinary approach to considering potential futures through the exploration of trends and drivers for change that may lead to different future scenarios.

The challenge for engineers is to achieve an understanding of the Business and the financial breakdown of the operation and projects. It will take time to understand and gather information that allows this understanding, but it will certainly be very beneficial for the employee and also for the company. With this information, it will be possible to identify sources of waste, opportunities for productivity gains, cost reduction and the potential boost that a new technology or equipment could bring. This way, step by step, you will be able to collaborate strategically with the company and consequently boost your career.

In the works that I have done, I always start with a gap. A gap can be of either the two. Problem = Actual - Target Opportunity = Current Target - Entitlement With this, we can now assess the things that needs to be done. This baselining process is applicable to process and also entrepreneurial level. I have founded / co - founded about 4 start ups following this thought process.

An industrial engineer identified inefficiencies within existing systems by scrutinizing processes and spotting performance gaps and unnecessary costs. These insights led to the development of new methods and technologies that streamlined operations, presenting a substantial value proposition to potential clients or partners. Recognizing and addressing these process gaps served as the foundation for a successful business venture. This approach demonstrated the core skill of identifying inefficiencies, underscoring its importance in creating innovative solutions and driving business success.

There are always gaps in operations in any industry where further improvement can be made. By identifying the potential gaps where there are inefficiencies, bottlenecks, or opportunities to increase productivity, quality or cost savings we can optimize our services area to increase our value and develop potential clients by showing our competency and services level.

I have used SWOT analysis and as well as PESTLE analysis as part of the strategic planning and management for my start up, an EdTech, called Ask Lex PH Academy. This is for my Entrepreneurial Engineering side. For my technical IE side, I have been using benchmarking of industry leaders to check the best practices that they are using and/or utilizing relative to technological advances. For example, implementation of Industry 4.0 and even Industry 5.0 technologies. You can also check a framework called SIRI or Smart Industry Readiness Index for baselining and planning purposes. #industrialengineering #significantlybetter

I have done collaboration projects in the field of Industrial Engineering several times and most of it started through a simple "What keeps you busy?". In my experience, I have met a lot of amazing Industrial Engineers in conferences, trainings, and even networking - dedicated events. Getting along with people with similar interests and even those in the opposite side of the room can provide great opportunities especially business ones.