Purpose is the Path to Performance
A recent Gallup survey suggested that up to half of employees in thousands of US businesses do not know why their organizations exist. Harvard Business Review, 2020 reported, ‘More than 70% of Millennials are now expecting the company to operate on a purpose-driven agenda’. And in a digital world, Deloitte, 2020, stated, ‘The purpose of a company is now as important as ‘digital’ for all generations below 40 years old’.
Follow the Flag
Our clear purpose at Trackunit is to Eliminate Downtime within the construction industry. At first, this may appear an extremely ambitious goal and difficult to unpack, but it encapsulates value generation while reducing inefficiency and waste in one of the least productive industries. We believe that with the clear unifying purpose that our business is built on and the Trackunit community believes in, we have created a pathway to improving productivity, safety, and utilization across the industry’s ecosystems. It is the foundation and the anchor that keeps us steady no matter what other pressures are in play, even during these difficult past two years.
Eliminating Downtime is key to how our data and services are engaged to build-back our industry into one that is truly useful.
This cannot be achieved by a single organization, which is why collaborative engagement with partners and the industry is essential. It’s why our ecosystem includes not just people downstream in our supply chain, but upstream amongst our rental partners, the OEMs we work with, contractor companies, and machine operators. This is true sometimes even with companies otherwise listed as competitors. We understand these are difficult conversations. However, our belief in the goal and our customers’ awareness that we are not solely P&L motivated, are the nuances that allow our partnerships to make the hard decisions for the right reasons. Collaboration with customers, using real-time feedback, helps guide them through new platforms or migrating fleet-wide utilization reports, that when implemented allow customers to solve real problems in new ways.
Organized to meet our purpose and Eliminate Downtime
Within Trackunit, a conversation is never between two people, or adversarial as we have an overriding purpose, which compels faster conflict resolution. Having a common goal empowers every individual within the company to focus on building tools to support value creation for the customer. This builds positive relationships with shared outcomes. We put a great deal of store in open customer conversations with active feedback from internal groups, partners, and customers. We share this widely to promote an understanding of customer goals and emerging trends.
Internally, our structure mobilizes people rather than manages them. We have actively worked to remove knowledge silos, so information is available across all areas of the business. Regular ‘New Tracks’ meetings involve open sessions for everyone to engage in discussion of wide ranging topics, gain inputs and knowledge, receive guidance from colleagues and connect with other departments and activities. It has been a proactive effort to humanize Trackunit, connecting on a personal level to build better, more trusting relationships.
Standing firmly on two feet
To run effectively as a business, the organization must have two strong legs. Trackunit's technical and commercial people enjoy equal standing in the company, just as social and economic impact are common goals. This focus on balance has created a business that is in touch with its environment and willing to evolve to meet its needs.
Throughout a challenging 2021 for the global supply chain industry, Trackunit maintained 99% of our delivery deadlines.
Today, through ongoing discussion and inputs from our regular New Tracks meetings, we are now more closely aligning our supply chain and sales data to better support individual departments, our partners, and our customers.
Although our purpose-led business may appear challenging to many organizations, we believe in an age where The Great Resignation is confounding HR and senior management across the globe, many need to reconsider what their business purpose is and whether that aligns across their entire organization.
If you missed Trackunit Next, I encourage you to watch the sessions on-demand here.