Innovation As A Weapon In Global Competition
The global economic environment is undergoing rapid changes and has placed business houses on a competitive edge
. Organizations planning for global expansions thus need to create a business that can adapt quickly and flexibly to the changing economic and cultural landscape. A key to achieving this is by incorporating innovation into decision-making process at all levels. Real innovation requires broad changes based on values, guidelines, and measurement systems with flexibility to all employees, while mitigating risk for the business as a whole. This would facilitate the enterprises to stay ahead of the competition while moving into newer markets.
However, sustaining a leadership position in a global marketplace requires organizations to be storehouse of creative thinking, flexibility and agility. A culture of innovation, gives the organization the required competitive edge with increased ability to respond to change. Nevertheless, innovation is not just about new products, new processes, or new ideas but more than that. It is more about idea generation and
idea management implementation leading to sustainable innovation products and services.
In economic terms, innovation refers to technological advancement, or process by which companies create new economic values, by using resources more effectively. Invention, though critical, is only one aspect of innovation. In todays connected world,innovation takes place through one that spans through various scientific,technology and business disciplines. Know more on
innovation management software.
As early as 2003, ITC a $7.5 billion tobacco, food and hotel company installed a computer system in the house of a wheat and soybean farmer in India. ITC paved the way to provide the farmers with information through web pages in Hindi. This innovative act made for the enterprise's entry into the agribusiness. On the other hand, Cadbury PLC, the confectionery business giant with its origins stretching back 200 years has always considered innovation as the business model and it has been the key to their success.
Cadbury with its brands running as international favorites embraced open innovation strategy to expand their business and brand. Their open innovation teams work through crowdsourcing software to gather commercially beneficial innovations. Apart from that,
Idea management services have facilitated the organization to manage the crowd-sourced ideas to solve technological challenges. This has led to a steep change in products across all the categories of gum, candy and chocolate, with global sales topping $7 billion, nearly 50 percent more.
With a workforce of 45,000 people, operating across 60 countries, Cadbury is even today is open to innovation from non-competitive industry sectors. This has enabled them to experiment with ideas for new methods of creating 3D forming Chocolate, Thermostatic Food Grade Packaging and microscopic aeration all of which would only confirm its position in the aggressively competitive business world.
by: Gladeyas
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