‘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