Brad Smith addressed TransCityRail SOUTH to discuss the challenges facing the rail industry from within, and how the industry can collaborate to maintain a trajectory of innovation throughout CP7.
Brad discussed the power of corporate memory and knowledge retention from lessons learned. He stressed the importance of learning from past failures, and indeed successes, to shape future strategy.
Emphasising also the need for foresight, he said: “Only when we both remember where we’ve been and we know where we want to go will we have the necessary insight to achieve it.”
He also theorised about the role that risk aversion plays in holding back progress in the rail industry: “If we always look to have risk minimised in silos, we will never be able to collaborate.”
He elaborated, stating that risk can lead to rigidity and inflexibility, which in real terms could materialise as delays and congestion to the network, as well as perceptions of unreliability.
Brad called for a paradigm shift in how individuals and organisations manage risk, suggesting a holistic approach and greater interconnectivity.
He suggested that a new approach would “view risk as a system” that ought to be managed, rather than a series of isolated threats which should be avoided.
Brad closed his presentation with three practical steps industry leaders and organisations could take to change their approach to risk:
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Challenge themselves to be better and do things differently
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Collaborate, utilising each other’s strengths to find solutions
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Be curious and be comfortable with the unknown
Image credit: Rail Technology Magazine
