The Industry Association – Wayfinders Business Co-operative

At the advanced technology industry association Janet is Executive Director while Paul is the current President. They have just returned from a board meeting at which the board decided to join Wayfinders to better serve their members’ needs. Wayfinders offers integrated industry association packages that makes life much easier and more effective. As a non-profit organization that depends on membership fees from 2,500 members, the association has only two staff, a few volunteers and a very limited operating budget. They will now have access to a wide range of online tools as well as trusted specialists available on demand.

For example, Wayfinders has an economic modelling system. Although the economic modelling system has been populated with open data from government, over the next few months Janet will work with Paul and a committee to configure and learn about the modelling system. Once they have set it up the way they want it they will invite their members to participate and add data that will help create an asset map of the regional industry. The model will provide a simulation gaming environment that will let members better forecast future industry scenarios. The model will identify gaps and duplications that represent opportunities and threats to different members. Members will be in a position to better plan their businesses to take advantage of those industry opportunities and avoid industry threats.

Industry members who take the time to make full use of the modelling system will realize they can use it to help build and optimize industry clusters and supply chains. Industry clusters are well developed networks of interdependent companies in a locale that share common requirements such as key input suppliers, logistics, a talented labour pool and access to financing, including venture capital and angel investors. A growing industry cluster attracts more similar companies and it becomes a viable sustainable regional hub – a player in the global economy. Supply chains that optimize the flow of critical resources from one supplier company to others makes an industry cluster more viable, providing long term stability for the participating companies.

At the same time, members are able to make use of the integrated social media platform with its simplified user interface. To enjoy the full benefits of Wayfinders, however, the association members will need to join Wayfinders. As a member of the industry association they are entitled to a special industry association benefits package.