The great barriers…

Home The great barriers…
There has been a lot of stress on the importance of innovation in many of our previous posts. Yes,  it is true innovation is the need of the hour (am sure most of our readers will agree!), but then why isn’t your company implementing it? What are the roadblocks?Generally it has been seen that one (or more) of the following barriers have been responsible:
 
        Too much emphasis on maintaining status quo
   one of the most common issues that ails traditional family setups in the business world. It works something like this : lets say you are investing money M which earns you a profit P, and you stay satisfied with it. What you often tend to overlook is that if you invest an amount N in innovation, it will earn you an additional profit p1 and the ratio (P+p1)/(M+N) will obviously be greater than P/M. There is an attitude in Indian subcontinent which we often say as “chalta hain” (everything works), unfortunately with globalization nothing which works today will work in the next decade. So think about it !
Tolerating failure: As an entrepreneur, it is extremely important to be able to accept failures. Sounds ironical !! isn’t it ? But it is true. In fact you had also failed so many times before you finally succeeded. The same holds true for innovation: Don’t look for immediate returns and do not allow short term failures deter your long term goals !
 
3.   Is your second name “Innovation” ?
Innovations don’t happen by accident ! Only companies which focus on innovation in their daily processes come up trumps ! It isn’t like the CEO has to come up with innovative ideas, infact the most innovative ideas generally come from blue collar operators as they are the closest to the centre of action in real-time.  Have an incentive plan and approach suggestions with an open mind. In fact the Toyota Production System is the right methodology to follow.
 
4.   Decentralization ?
Though I personally believe in decentralization being more effective, yet care should be taken that units work like the same team. Often the gaps or rather innovation opportunities lies in the grey areas connecting the two processes.Companies should focus on harnessing talents and managing activities across its different business processes if it intends to achieve breakthrough innovations.
 
5.   Dream big !
Often people lack the ability to dream big. As Friedman had pointed out in his book “World is Flat”, it has indeed become so and in order to achieve it: Innovation is the key. So, invest in it.  Don’t have a small vision.  Dream big, make big !
 
Food for thought: How much of your revenues are you willing to invest in innovation?
Tags:

You might like reading:

Operational optimization at APMC Procurement

Posted: April 12, 2013

Abstract: Agri-business, as the present scenario is concerned follows decade old practices of procurement, packaging and dispatch. Still, all the jobs are done manually by labourer varying from filling of sacks with grains to dispatch of the sacks. Taking into consideration the acute shortage likely to be faced by this sector we need to come up with innovative and automatic […]

0 comments

IIM Indore Final Placements 2016

Posted: April 18, 2016

The Indian Institute of Management, Indore (IIM-I) announced completion of its Final placements for the 2016 batch, with 162 recruiters including 53 first time recruiters, extending offers to 617 participants, the largest across all IIMs. The batch includes 447 PGP Indore, 64 PGP Indore – Mumbai Campus participants along with 106 participants from the first batch of the 5 year […]

0 comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Post Author

Profile Photo
Abhirup
Offline
 MBA, Author of 4 books, Finance guy who loves brands

Get it on Google Play

Follow us

©2010-2023 IdeasMakeMarket.com |Contact Us | T&C | Privacy Policy

 

CONTACT US

We're not around right now. But you can send us an email and we'll get back to you, asap.

Sending

Log in with your credentials

or    

Forgot your details?

Create Account