Innovation- a growth imperative!!

Most innovations fail. And companies which don’t innovate die. Companies should manage and utilize advanced technologies to create new products and services. In this arena, the task of managing innovation is vital for companies of every size in every industry. Innovation is vital to sustain and advance company’s current business, at the same time it is critical to growing new businesses.

“Best optimal Solution to a unique unfulfilled need-is Innovation. But what about creating a new need? And then fulfilling it as well!!”

‘Innovation’ is the hottest and the most discussed topic nowadays. Growing companies like Tulip Telecom are working to make innovation a core part of the corporate strategy and a core business capability. Our work is a true indication of innovation no longer being a fad, but is the part of our core business function, like IT, marketing and finance, and my own experience with the company over the last couple of months prooves it so, as the company continue to progress in its ROI efforts.

The field of innovation continues to gain momentum, with an increasing fold in number of leading companies looking for new ideas. The current business climate of 'doing more with less' is driving the trend as well. In response, more and more service providers are re-configuring and expanding their offerings to position themselves as emerging leaders in the field of innovation. Some companies are often touted as “innovative”. Until people are willing to buy your product, pay for it, and then buy it again, there is no innovation. A product that does not deliver value to the customer and provide financial benefit to the company is not an innovation.

Real innovation can change the context, the market space, the competitive space, in which a business operates. Leading companies search for and execute innovative ideas that put the company on a long-term path to prosperity. Innovation is the key idea that is shaping corporate life, helping leaders conceive previously unimagined strategic options. Innovation provides an edge in being able to enter new markets faster and deeper.

The company that builds a culture of innovation is on the path to growth. The company that fails to innovate is on the road to obsolescence. Peter Drucker once said that the purpose of an enterprise is “to create a customer.” Nokia became number one in India by using innovation to create 200 million customers. Through observing the unique needs of Indian customers, particularly in rural villages where most of the population resides, it segmented them in new ways and put new features on handsets relevant to their unique needs. In the process, it created an entirely new value chain at price points that creates a niche for the company..

Innovation, thus, creates customers by attracting new users and building stronger loyalty among current ones. By putting innovation at the center of the business, from top to bottom, you can improve the numbers; at the same time, you will discover a much-better way of doing things — more productive, more responsive, more inclusive and even more fun.