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During the third annual Black Management Association (BMA) Conference on May 6, several notable speakers discussed their experiences with innovation and how it has benefited companies like Target, PayPal, KPMG, and Clear Channel Outdoor Americas.

In addition to the panels, the conference, “Innovate23,” included a KIA Mobility Pitch Competition with a $2,500 prize, Dean’s VIP Reception featuring a UCI BMA Alumni’s winery for a paired wine tasting, and a keynote address by Anthony Jones, a retired Sr. VP of Operations at CommonSpirit Health, a Dean's Advisory Board member, and UCI Board of Trustees member.

“This summit is really the perfect example of what we are trying to achieve here at the university,” said Dean Ian Williamson. “One of the aims of the business school is to be a leader for all, particularly when it comes to technology and innovation. All too often what you find is that not all communities have equal opportunity or voice in shaping what their future looks like. We want to celebrate the successes that have happened in the Black community and shine a light on the wonderful ideas that are shaping the present and will influence the future.”

Innovation in the health care industry

In beginning his keynote address, Jones spoke about the use of innovation to improve the health care industry. In particular, he pointed out that improving patient care and experience, maximizing efficiency, and solving a myriad of ongoing problems tends to push medical  innovation forward.

Innovation is crucial in medicine because so much is at stake. Jones has experienced this countless times during his storied career while working to improve performance for large companies in the areas of strategy, operations, finance, and quality.

“Technology has a tremendous impact on advancing the training and development of individuals and getting organizations aligned behind particular goals and objectives,” he said. “It also increases revenue and lowers costs.”

Jones provided a variety of examples of novel technologies that are making a mark in the health care industry, exemplifying the power of medical innovation.

Virtual reality is being used to train doctors, nurses, and technicians to be better at their jobs. Young doctors and interns can even practice surgeries on a virtual reality operating table. The VR programs are also used to rehabilitate patients. For instance, patients may walk through a VR model of their home to get used to navigating around the house before being discharged from the hospital.

Wearable technology and drones are extremely useful in the medical industry. Smart watches can be used to monitor heart rates and pulse, sending an alert to a doctor in case of an emergency. Drones can be used to deliver medicine in remote areas, increasing access to lifesaving supplies.

Telemedicine can be used to cover hospital shifts if there are not enough ICU doctors available and mobile health units can increase access to crucial treatment.

“It’s pretty amazing in terms of the training that we do right now,” Jones said. “It’s really sped up the process of treating patients and it’s much more effective than manually walking them through these issues physically.”

The digital wave

During the first panel, Lisha Bell, Dianne Whitfield, and Joaquin Gentry discussed how technology shapes business.

Whitfield, Chief Human Resources Officer at Tarsus Pharmaceuticals, said it’s vitally important for businesses to cultivate a culture that is accepting of new ideas in order for the company to be innovative and successful. Her company ensures a healthy culture through maintaining a diverse workforce that encourages unique thought and challenging the status quo. Studies indicate that workplace diversity leads to increased creativity and better decision-making.

“We may not know what the technology of tomorrow is going to be, but if we create a climate in which, as an organization, we’re open to taking risks, that will help us keep up in this digital world,” Whitfield said.

Gentry, Deal Advisory Practice at KPMG, echoed Whitfield’s remarks, adding that his industry relies heavily on data to push innovation.

“If I am working with one of my clients and I’m saying, ‘You can implement artificial intelligence here and save a million dollars,’ most people are going to at least get curious,” he said.” So as far as driving change, my approach and most of my colleagues is always to bring the data to back up the need for change.”

Create an environment for innovation

During the second panel, Kenetta Bailey and Emerald Woodberry discussed the necessary traits of innovators and how they have personally been innovative at their companies.

Woodberry, Director of Space and Presentation at Target Corporation, said that people need to be willing to fail in order to become an innovator. Many of life’s most important lessons are learned through failure. Innovators are willing to take risks and have a high degree of resiliency, so they adapt and incorporate what they’ve learned to hone their skills.

“Without the learning and opportunities to continue to iterate and understand where you’re coming from, it’s impossible to land that next big idea,” she said. “The behaviors that you need are being adaptable, resilient, and open to asking questions.”

Bailey, Senior Vice President of Marketing at Clear Channel Outdoor Americas, expanded on the topic, adding that it’s important for potential innovators to have an open mindset and to expose themselves to uncomfortable situations.

“You never know until you try something, and I think that leads to the best product,” she said.

Identifying new possibilities

The final panel of the conference featured Maronya Moultrie, Jaune Odombrown, and Garnet Heraman discussing entrepreneurship and their personal experiences on the subject.

Odombrown, CEO of Smartpreneur, spoke about the process of launching an entrepreneurial venture and how crucial curiosity is to the journey. That important trait leads to not just asking questions, but finding answers.

Odombrown, who regularly counsels students on entrepreneurship, believes it’s important for prospective business owners to utilize their curiosity and find passion in their business ideas so that they’re willing to devote enough time and energy to its growth.

“I talk to students a lot about how to begin the process of starting a business,” he said. “We go from trying to build that big picture of what your business could look like as the most successful company in the world, to bringing it back down to something that seems most viable to start something. I’ll talk with them about finding something you have the most passion for, something you can wake up at four o’clock in the morning for.”

While much of the dialogue surrounding the rise of artificial intelligence has been skeptical of its benefits, several of the panelists believe the novel technology can be useful for small business owners. With only so many hours in a day, AI can help build text or a website, assist with marketing campaigns, and write articles. There are also a variety of ways it can help save overhead expenses. For instance, ChatGPT could quickly analyze data that would otherwise take hours for somebody to sift through.

“It’s a tool that can help maximize your day and structure your business model,” he said. “At the end of the day, it can help you save time.”