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Balancing the act of innovation

Competition and changing customer paradigm is challenging today’s industry to re-visit their assumptions in product development. With fluctuating oil prices, today’s customer and economy are skate boarding on the anxiety wave. CO2 is on everyone’s mind since sustainability of the business will become a challenge if organizations and governments do not take the right steps today. An optimal blend of Innovation, technology and business practices will help achieve success by overcoming these challenges.With innovation as DNA in many organizations, and the use of technology for virtual development and product engineering, the time to market has significantly reduced. Maturity in business practices to tie in the holistic approach with customer centric development has led to the launch of many successful products. It is the cost and benefits trade-off of customer needs and innovative technology deployment that is a subject of debate. The business practices to network the kind of investment in technology and the deployment of these innovations are yet to scale up in emerging markets’ eco-system.

Albeit innovation is a buzz word and acclaimed DNA in many development programs, how much of it is actually being fostered and nurtured in our educational and work environments? The challenge of innovation, incubation and mass market deployment is something that has been commercially nurtured over years in developing nations. The economics of putting together such a balancing act in an evolving infrastructure and dynamic emerging market where there are more multinational players on the canvass than ever before, is a commercial uphill task. In addition, the mindset of current talent pool and lack of right talent to proactively engage in development, combined with the need for speed and to do more with less is a perennial challenge. Organizations that have thought through these levers strategically and executed deployment with excellence are starting to see success. Another underlying aspect to keep in mind during strategizing is to understand that it is only a matter of time when consumers will scan eco-labels the same way that they interpret nutrition labels today.

To succeed at this balancing act we have to proactively engage in holistically synergizing innovation, technology and business practices lest the tsunami of change takes us by surprise. Adapting the relevant soft and hard levers to mitigate CO2 challenges will help us live beyond the climate change bubble.

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