‘Harness innovative ideas to benefit consumers’

Source: The Hitavada      Date: 17 Jul 2017 10:17:46

Business Bureau,

IN ORDER to survive in a competitive environment, companies need to take the path of industrial innovation. It will help them to scale up and stay ahead of competition, said Prof Dr Rishikesha T Krishnan, Director of Indian Institute of Management Indore while talking at the talk on ‘Jugaad to systematic innovation’ organised by Vidarbha Management Association (VMA) on Sunday.

He continued that first companies should identify a problem for which there are no ready-made solutions. Finding solutions to a problem is the starting point to innovation. There are a lot of people who have the ability to come out with innovative ideas and solve the problem in a systematic manner rather than by chance. “Companies need to apply new ideas in systematic way to solve problems and give benefit to consumers,” said Prof Krishnan.

Krishnan’s talk revolved around the book ‘8 Steps to Innovation: Going from Jugaad to Excellence’. The book offers a unique eight-step process for creating a systematic innovation capability, which can be transplanted across the board to any business or region.

“Jugaad is an accidental creation while innovation is systematic, sustainable and scaleable,” he said. Some people make the mistake of taking ideas from brain storming sessions and try to bring them into practice. “The most challenging part is execution of an idea. Experimentation and development need a lot of support from the organisation,” he noted. The end result should be to benefit all stakeholders including consumers, suppliers, marketers, employees etc. For example, an organisation may want to bring down cost of production, launch a new product in a cost effective manner, simplify procedures, produce good quality water at low cost etc.

Coming to the heart of the talk, on how to make systematic innovation, he took extract from his book with a power point presentation. He explained that most of the time, ideas get stuck up as it does not have momentum or the capability to scale up or the end result is not sustainable, he said. For this an organisation should build a pipeline and identify a number of processes to be executed. The pipeline should consist of creative innovative programme, key processes, idea management, problem book, role model, training and development. Management should ensure that employees share ideas with the organisation to benefit the stakeholders.

This should be done in transparent manner. The scope of idea should be well defined to make small or big changes. Adequate funding should be available to test ideas. Also, employees should be rewarded and recognised for their contributions. “There is a need to harness creativity of an individual,” he said. Some of the biggest companies like Apple, Google, Facebook, Titan, Mindtree, Bajaj Auto have introduced systematic innovative programmes to enhance their capabilities. With this they have been successful in retaining their leadership position, he added. Ashutosh Paturkar, President of VMA, Anirudha Hazare and Prasad Kotawar, past presidents were present.