Innomantra: October 2010

Thursday, October 21, 2010

Is Innovation Necessary to Survive?

Does your product need to be innovative in order to succeed, or does it just have to be unique?

Can you be innovative in other ways rather than offering an innovative product?

Sure you can! While innovation can help with marketing and lead generation, it can also make you leaner, more flexible and more creative.

While innovation might not be a necessity under normal circumstances, this economic environment requires you to innovate in order to stand out.

Below are different ways you can innovate in order to be as competitive as possible.
Product or service innovation
Innovative products are those that might:
• Have distinct features and benefits
• Perform a task in a new or inventive way
• Utilize new or experimental technology
These products normally carry a larger markup because they attract consumers who are willing to pay steep premiums for newer technology. The benefits of offering innovative products include enjoying large margins and high-paying customers. Also, you may often be regarded as an industry leader.
The down side to innovation is that you always have to innovate in order to continually enjoy these benefits. This can be very costly.

You don’t HAVE to innovate. Instead, you can have another Unique Selling Proposition (USP). Innovation is only one type of USP, but there are also many others. Creating a different USP is a great way to differentiate yourself from your competition while also attracting many targeted customers without the expense of innovation.

Innovative management
Your business can have innovative management through:
• Management training
• Finding new ways to motivate employees
• Granting autonomy and empowerment
• Allowing your employees to self-manage
You want to come up with unique and creative ways to lead, control and organize your staff. Being innovative through management can save you money, improve the workplace culture, encourage openness and even raise productivity. In turn, this can make you more competitive, adaptive to change and have cheaper operations.

Innovative marketing
Your marketing strategies could be innovative with:
• Unique marketing messages (ie: Apple’s “I’m a Mac” ads)
• New channels of marketing (ie: ads in Video Games)
• Who you advertise to
• Creative ways to retain customers
The benefit to innovative marketing is that you’ll find new and effective methods to attract customers in ways that your competition has never even though of.

Innovative processes and manufacturing
If you can find a new way to create a product, run a department, or even measure the output of a process, you are innovating. This process innovation should usually result in less resource usage without sacrificing output quality.
This innovation may result in simplified production, higher quality products and/or lower production and overhead costs. This can often give you the option to either reduce your price, or enjoy a higher profit margin.

Innovative culture
Google is considered extremely innovative in its workplace culture. Between the Wi-Fi enabled buses they send to pick up their staff, granting their employees time to work on any project they choose or even the casual work environment they provide, Google’s reputation for being a great place to work has quickly become legendary, all thanks to their culture.
Because of their well renowned culture, they attract top talent and always have a large pool of applicants. This allows them to hire quality employees who can keep the company humming at and incredibly efficient level.
By having your own innovative culture, you too can attract superstars. These kinds of superstars can do wonders for your company’s success, and can help it to grow even faster than if you were running it by yourself.

Innovative office environment
Having a green work environment, aesthetically pleasing interior decorating, ergonomically friendly offices and desks or even something as simple as providing a means to work from home are all examples of ways you can innovate.
Providing an innovative physical work environment can be a great way to increase productivity and boost worker morale. This can ultimately improve the quality of your output while decreasing your level of input.

Innovative use of technology
Twitter has gained an enormous amount of popularity in the past month. It has proven to be a great communication channel, marketing channel, blogging channel and in my opinion, the best social network medium out there.
This is just an example of ONE innovation that individuals and companies are all taking advantage of. Innovative uses of technology can save you time and money when communicating, marketing, managing, motivating, manufacturing or in pretty much any business process.

I think a great example of innovative uses of technology was in President Obama’s election campaign. He utilized Twitter, Facebook, Text Messaging, all of which allowed him to more intimately target and market to the demographic of students, twenty somethings and the technologically inclined. No other presidential candidate has ever used technology to the extent that Obama had in a campaign.
While I can’t say if this was the deciding factor in his campaign, it certainly helped and it certainly was successful in getting him a lot of support from this demographic.

Thus, finding innovative ways to use technology will allow you to better communicate with and relate to your demographic. Also, it can reduce any business expense or improve product or service quality.
Are there any other ways businesses can innovate in order to become more competitive?

‘Innovation has become necessary tool for growth’

“Innovation will be the necessity for social and economical growth of the nation in future. We live and die through relative innovation. The world has changed because of innovation only. Science is responsible for all the innovations we feel around,” remarked Srinivasan K. Swamy, President, All India Management Association (AIMA), New Delhi, while delivering his lecture to the members of Ludhiana Management Association (LMA) at Hotel Park Plaza here on Wednesday evening.

Swamy was accompanied by Uma Oberoi, Director, AIMA. The topic of the lecture was “Innovation”. Dr. K.N.S. Kang, General Secretary, LMA, welcomed all the guests, members and speakers on the occasion. V.K. Goyal, Senior Vice-President, LMA, explained the activities of the association to the president of AIMA and introduced the speaker to the audience.

While introducing the topic, Dr K.N.S. Kang, General Secretary, LMA, said, “Innovations can take place in all the business activities and there is a dire need at present to innovate products, processes and marketing in the field of business. Today’s organisations have already innovated new methods of HR management as well. Innovation will be life-blood of the business in future”

Swamy said that inventions were indeed different from innovation, unless the invention was not offered to the public. If the invention improved some product, process or service for the public, then that invention transforms into an innovation. Science is mainly responsible for all inventions which are finally transformed into innovations. Swamy said that broadly saying there were four types of innovations, which lead the business world namely fundamental innovations, outstanding innovations, relative innovations and process innovations. Swamy said the business organisations should stress more on relative and process-based innovations which can enhance the business competitiveness.

Swamy said that telephone was a fundamental innovation and internet/fax/SMS facilities in mobile telephones were an evident example of outstanding innovation. Swamy quoted an example of Apple Computers which gave cut-throat competition to Sony, IBM, HP etc. by introducing relative innovation in computer manufacturing.

Swamy gave example of Tatas, Hindalco, Hero group for their excellence in process innovation. He said that these companies had innovated the business processes and as a result had become leaders of the market. At the end of the lecture, Swamy explained the objectives of AIMA and its activities.
While delivering his presidential remarks, Anil Kumar, president, LMA, thanked the speaker, guests and members. Kumar said the future of many businesses would depend on their ability to innovate. Kumar stressed that the process-based innovations should be encouraged more by the industry.

Source:

http://www.indianexpress.com/news/innovation-has-become-necessary-tool-for-growth/374544/1

Sunday, October 10, 2010

Titan Innovation Bazaar

Edison once quipped- "Genius is one per cent inspiration, ninety-nine per cent perspiration." Looking at the recently held Titan Innovation Bazaar, I got to see for myself what perspiration means. The word 'Innovation Bazaar' was first used by Mohanbir Sawhney and Satish Nambisan in their HBR article titled - A Buyer's Guide to the Innovation Bazaar. Here the authors defined an Innovation Bazaar as a marketplace where one could trade raw ideas, market-ready ideas and market ready products. It reflects from the fact that often several brilliant ideas never see the light of the day due to lack of sponsorship or proper shaping. Hence it is an imperative to connect ideas with - capital and talent.

Inspired from here, I played with this Idea in the form of an Innovation Bazaar at Wipro. These would be two day events where engineers and creators from across Wipro would come over and display their creations. Co-Wiproites would walk-by and get inspired. Though the core intent remains to allow 'cross-pollination' of ideas, the Bazaar helps the leadership team to pick up bright ideas to be commercialized. Having hosted over half a dozen Innovation Bazaars, am convinced of its utility.

The Titan Innovation Bazaar was unlike any I have seen at Wipro. Apart from the scale and commitment level, what was really impressive was the roster of jury members. Imagine a panel consisting of ace designers; serial entrepreneurs; academicians; scientists; inventors; and leading practitioners; assessing and engaging with an enthusiastic lot of Titanians. To be specific it was- Prof. S Balasubramanian, Deepam Mishra, Michael Foley, Yogesh Dandekar, GS Sridhar, NM Bhatta, Ravi Arora, S Jayashree and yours sincerely. There were also audience poll to pick up choice of innovations.

A little bit about the Bazaar:

There were 380 innovations narrowed to 119 for the actual event. These 119 innovations were spanning across Manufacturing Process, Supply Chain, Services, Product Design, Marketing and Retail Innovations. There was a mixed bag of Implemented Innovations as well Work in Process Inventions. Few you can't cease wondering at! From 9 30 AM till 6 30 PM, both on 10th- 11th Sept, there were a battery of over 250 Titanians from across Watches, Jewelry, Eye ware and Precision Engineering that held their booths. Titan being Titan, there was no dearth of impressive displays, posters, videos, demos, live products and other essential artifacts. It was truly an incredible experience. The jury would vouch for it.

This apart, there was a special movie (in-house production) on innovation made exclusively for this event which kept delivering the message of 'why innovation' and 'how innovation' to all the hosts and guests. There were also some world famous innovations on display.

In all, a fantastic event. A true celebration of human spirit of sharing, learning and collaborating. While I was traversing though the booths, I couldn't stop admiring the dedication people had to share. They won't let you pass by unless you hear them thoroughly and also pose a few questions. Truly am amazing spirit.

I wish the same could traverse through other organizations, across India. If only we could adopt best practices from each other, we would be a far better nation. We have massive talent hidden in pockets, we need many such Innovation Bazaars to knit this talent.

Well done Titan!

EXTRACT FROM Mr. Pavan Soni's Blog

Innomantra Inauguration & Workshop

Innovation ! Innovation is the ability to see changes, as an opportunity , not as threat…

With these words innovation team put their 1^st step forward as “INNOMANTRA – Igniting Minds, Ideating Tomorrow, and Triggring Ideas” on 25^th September,2010. Seating as one of audience going with the flow, I was able to make out that slowly n gradually this word ‘Innomantras’ is giving height to every pense`(thought).

The seminar started with words of MD of ISBR Mr. Manish Kothari “Every minute is Innovation, anything you do differently is Innovation”. Then Director of ISBR Mr. Anand Ram continued by saying “Innovation needs a little resource but comes out as Big”.
Then our chief guest, the bagpiper Mr. Pawan Soni (wipro innovation evangelist) inaugurated the show with his words “Innovation Is A Search of What Is Next Best Answer”.

As a part of demo he called up office bearers of Innomantra and did a small exercise of blind fold . All members were given a piece of paper and told them to fold twice by taking corners and then tore a big chunks from every corners of paper. Then they were asked to show all that they had left in their hands.

And then he asked to the audience “who is best and why?". While audience was picking out best , he said ‘all are best , and this is innovation – search of next best answer’. And he ended the seminar with his thought –"innovation is all about improvisation in management, innovation is not an engineering but behavioral engineering".

And then he took next session as Innovation workshop . He named his workshop – “Lets The Spark Fly”, means lets the idea comes out of your brain in a pragmatic way .In the workshop he gave six topic to six teams to generate ideas in 15min. and to prepare model on basis of those ideas in 45 min. all teams with loads of zeal showed their sparks but "Waste and Health Management" won.

By the time clock was showing 1:45 pm , we all got his message – ‘Lets the spark fly’. But it ended with the thought with us “WHAT’S THE NEXT BEST ANSWER……………….”.