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Thoughts on Innovation – Jeff King

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Jeff King is responsible for strategy, licensing, distribution, international,  information technology and corporate planning. He is accountable for SOCAN’s revenue and expense management for key operations. Since joining SOCAN in 2001, Jeff has held a number of senior positions throughout the organization and lead initiatives that significantly heightened member and licensee satisfaction. As Vice President of Licensing, Jeff developed a robust strategic plan to expand SOCAN’s customer base and increase efficiency. As Vice President of Membership, Jeff led the development of a number of industry-leading e-commerce tools and the creation of SOCAN’s Information Centre. Prior to joining SOCAN, Jeff was Vice President of Underwriting at Old Republic Insurance Company and helped to lead that organization from industry laggard to industry leader within 3 years. Jeff holds an BA Honours from Wilfrid Laurier University and has been a keynote speaker at several international conferences on innovation and free-trade. 

What is your definition of “innovation”?

The strategic execution of creativity that delivers clear value and effects change in a positive way.

Why is it important for companies to innovate and invest in modern technologies?

Now more than ever before, it is essential for key players in every industry to find ways to grow and stay ahead of the ever-moving innovation curve. Technological advancements, especially in areas such as machine learning, artificial intelligence and the Internet of Things are changing commerce and culture, and how we best serve our clients and customers. In order to compete and succeed in the coming decade, businesses need to be prepared for this new connectivity and the incredible amounts of data being mined. Fifteen years ago, SOCAN processed around 5 million transactions a year, we are now processing 130 million a day! We’ve transitioned with a new enterprise resource planning and master data management ecosystem to accommodate the new reality.

What advice can you give to Canadian businesses looking to make the most out of their investments in innovation?

While we live in competitive business culture, don’t shy away from looking to leaders outside of your industry for inspiration. We took learnings from large financial institutions, car manufacturers and online retailers to help us lead the disruption that is happening in the music industry. Technology crosses business categories, as do the solutions it provides. If you stay category-specific, you may miss the insight that will drive your next innovative solution.

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