A 2 DAY EVENT WHERE THE BEST IN THE BUSINESS COME TOGETHER FOR INNOVATION.
TOPIC - "BUSINESS INNOVATION: THE NEW AGE SURVIVAL MANTRA"
"An established company which, in an age demanding innovation, is not able to innovate, is doomed to decline and extinction."- Peter Drucker.
In today's complex global business environment, creativity and innovation are a must for long term survival. Not only innovation creates revenue growth but also increased profits. The new management mantra "Innovate or die" could be the leitmotif for all comp...anies of modern times.
One of the dominant ways in which intelligence presses forward is through innovation, recognized as a significant contributor to economic growth. Though the definition of innovation varies from person to person, it can be defined as the economic application of ideas, technology, or processes in a new way to gain competitive advantage. By challenging conventional wisdom, searching, finding, and implementing new solutions to old or new problems, culminate in well executed innovation. Innovation is a combination of a product's inherent value to the consumer, coupled with elements of services and solutions, well-being, good & healthy-for-me, and convenience. Creation of new business opportunities which is a direct outcome of innovation can also pave way for new industrial revolution.
For any industry in the future, invention alone is not enough as real business growth requires innovation which goes beyond invention to sustain the same. Innovation happens when inventions face challenges and new solutions are created. Innovation is the active, creative process of applying inventions as it is a step beyond research into the everyday world of creating solutions. Since our world has no dearth of complex problems, real innovation requires a variety of insight, collaboration and openness.
The forces of globalisation have caused businesses of all sizes and in virtually every industry to review their strategies and rethink their approach to business innovation. They can no longer rely on what worked in the past and, like endangered species, risk the possibility of becoming extinct if they cannot adapt to the new world around them.
Business leaders must address the following issues:
• Innovation as a strategic direction and priorities;
• Ways to stimulate creative thinking and to spew innovation within the organization;
• Innovative methods to accelerate and improve business strategy alignment with organizational decision making;
• Profound understanding of customers changing needs.
Most management consulting approaches focus on the current business processes and identify the gap between the current and desired state. This approach creates a culture where patching up or adjusting of the existing processes and systems are done to achieve desired goals. Taking advantage of breakthroughs in science-based creative thinking methods and changing the perspective accordingly will help companies to get launched into the future. This approach opens the door for advancing creative thinking to develop innovative ideas and strategies to achieve the strategic direction.
Time is ripe enough to rethink about innovation priorities by companies. Only be redefining the emphasis on innovation efforts, it will be possible to reliably increase return on investment and shorten pay-back cycles beyond the odd block-buster. To achieve this, however, many of the old mottos of R&D will need to be abandoned to make room for innovative thinking. This can get initiated from the market by seeking simplification rather than complexity or by resource constraints approach as a stimulator of creativity and is focused on the possibilities for immediate pay-back, instead of focussing on long-term breakthroughs alone.
Innovation has already become synonym for first class new product development. Such a new product development is critical for the success of any company , and is possible only by including innovation in the genetic code of all businesses existing and the new, alike.
To be conducted at Technopark, Trivandrum on November18th and at CET on November 19th.