Some time ago in this very blog, I had discussed why Innovation takes a back seat in India? So to my surprise when I read the latest GE Global Innovation report, a jaw dropping 94 % of the Indian respondents had mentioned the focus on innovation as theit top rpiority.
Additionally most wanted to focus on innovation to improve profitability and to improve existing processes and services. But almost 66% wanted to use innovation to customize global offerings to local requirements. That is almost 13 % more than the average responses for Global leaders. Additionally almost 40 % wanted to use innovation to develop new business models.
As I tried to make sense of all this data, I suddenly realized that most brands that have succeeded in India have heavily customized global products to local needs.
One of the earliest examples of this tradition were multinational FMCG players- Hindustan Unilever and Reckitt and Benkiser. That philosophy has paid dividents to them so far. A similar approach was adopted by Domestic players like Reliance, the TATA's, AMUL and Now Bharti.
Interesting understanding customers, Creating a culture of innovation, using technology and mining data are the other key requirements that Indian businesses feel that they would need in order to lead with innovation.
The most interesting finding was that Indian businesses expected Academic institutions to create a culture of innovation that can be leveraged when these students join the work force. This is a point that needs more elaboration and I would be talking to an expert to get some more insight into this aspect. Please watch out for my part 2 of this post on the GE Global Innovation report 2013.
Indian businesses are looking at innovation because they have no choice. Competing on price is no longer enticing enough for customers, given the below average quality of products that we often end up manufacturing.
ReplyDeleteYes Arch I agree, that has been a big challenge and I think there is no other way out for Indian firms.
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