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Innovation Strategies

Innovation – The BUZZ Word

Execution with Perfection:

Technological advancement in the fields of aerospace, computers and communication has transformed the world we live in today, into a ‘GLOBAL VILLAGE.’ While most of the countries look to the U.S to adopt and follow management techniques , it is quite amazing to know that the U.S look to Japan for implementing these techniques more effectively. As we all know that Japanese are very good when it comes to “Execution with Perfection.”The point here is not to establish or brand that one is better than the other but rather to suggest that many countries can contribute to innovative managerial theories  and practices and let it be a mutual affair.

innovation strategy

Management practices and thinking:

Innovation is the Buzz word that has defined the paradigm shift in the approach of management practices and thinking. This has helped organizations grow and sustain regardless of competitor and market pressure and challenges. Innovation management gives entrepreneurs the liberty to think out of the box and come up with new ideas leading to the development of new products, processes and services.

 Change is Inevitable:

Change is inevitable and change is the one that never changes. People love variety and it is the responsibility of business people to satisfy the customer wants and requirements. New approaches are required to avoid monotony and stereotyping. “Old wine in a new bottle” concept may come in handy when you feel that your product has reached the saturation point and about to decline in its life cycle.

Inspiration from the Internet

Let us look at some services available on the Internet that exist as proofs for innovative and strategic thinking:

 1. IRCTC– The e-ticketing portal of Indian Railways. Saves lot of time and effort. Connects huge number of metros and small towns.Tatkal scheme is a huge hit and a great revenue generator for the railways. The interface is very user friendly and interactive.

2. Bharat Matrimony-Online matrimonial service that assists brides and grooms to find their perfect partners. Profiles can be created to express your views and expectations on your life partner.

 3. Make my Trip-Helps you to plan your travel, ticketing and accommodation, all in one place. Extensive data is available for people’s benefit.

 4. Facebook-Gives you the liberty of having your own space to connect with number of people. Helps as well to promote your business. Facebook generates huge revenue through advertisement banners positioned at the right niches.

 5. Twitter-Again a social networking portal that helps in link building. Retweets make the scope of you reach wide and bright.

 Education Portals:

Educational portals that offer online learning, management portals that teach online MBA, Auction websites with numerous products at affordable prices, travel websites, online portals for paying tax and duties have transformed the lives of individuals and organizations for good. The full bloom of internet is yet to be seen when many more third world nations will have the opportunity to access the cyberspace.

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