INNOVATION - THE PATH TO SUCCESS

The World’s most successful companies have made innovation their mantra. A record of sorts was created when IBM listed 9th on the Fortune 500 list mentioned Innovation 45 times in its annual report. Hyundai had an annual theme - Innovation for Humanity. “Endless in Innovation” is their goal. Transformation is what happens to a drop of water when touched by the magic of sunlight. It becomes rainbow. It is what happens to a seed when it starts the journey to become a mighty banyan tree. The banyan tree is not an improved seed, just as a butterfly is not an improved caterpillar or a rainbow an improved drop of water….. By definition, innovation takes interesting ideas and transforms them into usable solutions to business problems. The Goldman Sachs latest report on India describes India as a potentially “bigger growth story than China over the long run”. CIA’s report on the year 2020 confirms that two countries will lead the nations of the world – The Indian elephant and the Chinese dragon. Most successful Indian companies believe that creativity and innovation provide the competitive edge required for growth and profitability. However , very few have clear policies and initiatives to make it happen. Understanding and harnessing innovation can be a challenge. This blog seeks to validate the strong link between certain innovative practices and bottom-line profit performance, product quality and employee satisfaction. It also seeks to identify the factors that differentiate a highly innovative company from others.