I am a strong believer in innovation, and more so when it is disruptive in nature. The very idea of breaking the existing norms, and going in pursuit of the unknown, gives me an exciting adrenalin rush.
Relating it to the current scenario of aggressive pricing models, competitive business settings and strategic market focus, I feel that every company needs to identify newer areas and create niche markets on a global scale. That is the only plausible option for any organization seeking growth, both in size and revenues. And for that to happen, a healthy and active culture of innovation is of paramount importance.
Some of the major factors that lead to innovation, or rather enhance it, are a good strategy, motivation to explore the unknown, ability to think out of the box, and having the requisite systems in place. This might sound too far-fetched initially, but once the process is in motion, you will realize that the resources were all there but unexplored till now.
I cannot understand why there is so much resistance in breaking free from the existing business models and pursuing CHANGE. What worked in the past might not work in the future because of the dynamic paradigm shifts that are currently affecting markets globally. This is a simple fact, which is being ignored often. Why should we keep the innovation model reserved only for companies operating in some standard domains such as manufacturing? Why can’t a law firm for that matter start looking at breaking free from old and set practices and start seeking newer areas? How about a knowledge outsourcing company taking the consultancy route? How about doing a complete revamp of your customer portfolio, and moving on to identify and create newer customer solutions – something which will leave both the customer and the competition spellbound.
Each and every company can become the GE of today. All you need to do is bet on “big teams†rather than betting on “big marketsâ€. A dynamic and innovation-centric team is the main instrument that creates the much sought ‘big markets’ for an organization. Get the right kind of people in your team, people who can keep the big picture in mind, and give them the freedom and the opportunity to experiment and think radically. An ageing business has to go, and the firm that holds on to such business in spite of knowing that the model is a bygone is only digging its own grave.
According to Warren Buffet, “When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is usually the reputation of the business that remains intact.†Another proponent of change and innovation, Tom Peters, says that “the difficulties arise from the inherent conflict between the need to control existing operations and the need to create the kind of environment that will permit new ideas to flourish—and old ones to die a timely deathâ€.
Fighting competition in defined markets is a norm for existence; but to sustain a business and excel at it - innovation is the only route and the only option.
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