Innovation - A CXO Must Do
All too often, there is a tendency to stick with the familiar and the known. However, the world is changing too fast for that to be an effective approach. CXOs across verticals are appreciating the need to improve and innovate to avoid commodization.
In a one on one chat, BrainReactions’ COO Atul Khekade told CXOtoday about the role of innovation in today’s enterprises and how CXOs can boost innovation within their company.
“A company’s ability to innovate cannot be attributed to just one or two aspects. Innovation involves a gradual process, which includes thought-process, training, motivation and understanding of customers. What matters is the degree to which the entire organization can be aligned to make innovation a success,” said Khekade.
He also pointed out the contribution intangible aspects like creative thrust of managers, employer-employee relationship, ability to take risk etc made in this direction.
Khekade emphasized on the importance of actively engaging senior management to cultivate and foster innovation. “Keep in mind that unless the CXO community develops and practices the culture of innovation, the company can never advance,” he said.
On the innovation scenario in India, he felt IT companies needed to infuse innovation in their products, processes or technologies. However CXOs hardly invested even 1% of their revenues on innovation when ideally there should be an investment of not less than 15-20%.
Outlining various factors he thought to be innovation obstacles, he said, “From studies and speaking to the CXO community, factors such as aversion to risk and failure, lack of intrinsic entrepreneurial skills, slow decision-making, lack of resources or readiness to change stifle innovation.”
At the same time, Khekade did feel that CXOs were waking up to the fact that new ideas and creative output which foster IT innovation are become an integral driver of growth.
He also spoke to CXOtoday about BrainReactions’ own initiative in this direction - an innovation trip to the U.S. to encourage Indian CXOs to inculcate the American innovative culture.
Accordingly, the six-day trip was especially designed to infuse skills such as exchanging knowledge and working collaboratively to actively leverage modern technology, thereby helping Indian CXOs spark innovation and creativity in their organizations.
This would be achieved by organizing workshops and training CIOs/ CTOs to exchange and learn various cultures of innovation in the U.S., which can then be tailored and applied in the Indian context.
For the new program the company has already roped in Microsoft, Philips, and CXOs from other industry verticals such as IT and ITeS, automotive, retail and manufacturing.
With a wide client base such as the Bank of America, Intuit, United
Nations etc, BrainReactions helps CXOs innovate new strategies in terms of products and services with its proven techniques.
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