OCTOBER 20239THE FOUR ESSENTIAL ASPECTS OF INNOVATION affordable, safe, reliable, sustainable supply of energy that will best serve our communities -- both now and in the future.At NiSource, we have engaged with stakeholders across the spectrum -- from those who harvest and produce our energy resources, to those who use it in their daily lives. By ensuring that all stakeholders have a voice at the table, we use the collective ideas to create solutions that ensure that the communities we serve have access to safe, reliable and sustainable sources of energy. Value CreationTrue innovation should create value by turning labor and resources into something that meets the needs of others. That is why it is critical to listen to your customers and provide them with the tools they need to effectively engage with your organization. Innovation isn't just about listening. It is also about educating people about how changes positively impact them. That is why companies should emphasize the value that innovation brings to their users; for example, to lower out-of-pocket expenses or new offerings that allow end users to perform more efficiently. When creating value, it is important for companies to communicate the ways in which new improvements make their customers' lives easier and [their businesses] more profitable. For example, within the energy space, as our nation shifts to a more diverse mix of energy sources, it is critical that the path forward addresses the diverse needs and concerns of all stakeholders, creating value for businesses, communities and individual consumers of all income levels. That is why we created Your Energy, Your Future -- a customer-centric approach that will enable us to carefully consider the varying needs and viewpoints of our customers and their communities, and then use the information we collect to design a fair, sensible and effective energy strategy that will best balance all of the diverse requirements of our shared energy future in the century ahead. CollaborationMore than ever before, companies today need to be agile. And one way to become more agile is to collaborate with key stakeholders. Collaboration -- a key pillar of innovation -- is the process of two or more people, entities or organizations working together to achieve a goal. And the truth is that the greatest innovations are the product of collaborative effort. It is a fact that companies achieve the greatest success by building on the best ideas produced by a diverse pool of talent and working with others to pursue a common goal.Collaboration can include partnering with government entities, working with private businesses on a specific project or simply being a resource for other organizations. Businesses should continually look for ways to broaden their reach and engage with new stakeholders. By examining potential partnerships and looking for new long-term business relationships, businesses can broaden their economic growth opportunities. As part of NiSource's Your Energy, Your Future approach, each of our state-operating companies have been hosting discussions throughout 2022 and into 2023 with a diverse mix of local stakeholder groups and customer representatives to solicit input that we then can use to inform our future investments and long-term path forward.During the stakeholder sessions, a number of ideas to advance clean energy and decarbonization efforts have been discussed. Overall, there has been a recognition that a long-term decarbonization plan should prioritize a reliable and resilient energy supply followed by affordability and environmental sustainability.It is important to take your business partnership into consideration. Who are you already partnering with that you should be leveraging more and what organizations should be on your radar to build relationships with? Also, are you ensuring all voices are being heard? Sustainable Protecting the environment and sustainability must be a key focus of any innovation strategy. With more and more companies dedicated to achieving net zero in the next few decades, organizations must look for innovative ways to achieve their business goals, while minimizing the impact their businesses have on the environment [and surrounding communities]. When pursuing innovation today, you must consider the sustainability of your plan, the sustainability of your business activities and the sustainability of all elements on which your business depends. Innovation works only if it is replicable, sustainable and adaptable to changing needs.At NiSource, we realize the importance of the sustainability of an innovation strategy, as well as environmental sustainability. By engaging with our stakeholders to showing value to our customers to ensuring everyone has a seat at the table, we consider the energy needs of today and those of the future. So, ask yourself: What part does sustainability play in the various aspects of your organization's innovation strategy? As you plan your innovation strategy for your organization, how is sustainability a part of it? It is important to note that innovations are more than simply creating something new. It means being flexible, agile and adaptable
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