New Frontiers to Explore
The barriers to innovation still exist, but the most inventive businesses have realised that 'innovation' is more fundamentally about finding new ways to provide value than it is about creating new goods and services. Innovation is a relatively recent concern, at least in the private sector, which makes up only a fifth of the country's overall R&D expenditure in India, where it accounts for just 0.8 percent of GDP (compared to 1.2 percent in China). Indian businesses operate in an environment that is more competitive than ever both at home and abroad.
These businesses have been concentrating on cost-cutting, improving operational efficiencies, and carefully aiming their products and services to particular client segments for years. The barriers to innovation still exist, but the most inventive businesses have realised that innovation is more fundamentally about finding new ways to provide value than it is about creating new goods and services. Innovation is a relatively recent concern, at least in the private sector, which makes up only a fifth of the country's overall R&D expenditure in India, where it accounts for just 0.8 percent of GDP (compared to 1.2 percent in China). Indian businesses operate in an environment that is more competitive than ever both at home and abroad.
These businesses have been concentrating on cost-cutting, improving operational efficiencies, and carefully aiming their products and services to particular client segments for years. The 'New Product Introduction' process, which Tata Motors started, outlines the business procedures for introducing new goods, covering everything from identifying consumer needs to commercialization and everything in between. It's interesting to see that businesses all throughout the world frequently mention these similar innovative impediments. However, businesses who are at the forefront of innovation see it as a requirement rather than a choice and work to get beyond these obstacles. This edition focuses on businesses like these that made the decision to innovate their way to success.
These businesses have been concentrating on cost-cutting, improving operational efficiencies, and carefully aiming their products and services to particular client segments for years. The barriers to innovation still exist, but the most inventive businesses have realised that innovation is more fundamentally about finding new ways to provide value than it is about creating new goods and services. Innovation is a relatively recent concern, at least in the private sector, which makes up only a fifth of the country's overall R&D expenditure in India, where it accounts for just 0.8 percent of GDP (compared to 1.2 percent in China). Indian businesses operate in an environment that is more competitive than ever both at home and abroad.
These businesses have been concentrating on cost-cutting, improving operational efficiencies, and carefully aiming their products and services to particular client segments for years. The 'New Product Introduction' process, which Tata Motors started, outlines the business procedures for introducing new goods, covering everything from identifying consumer needs to commercialization and everything in between. It's interesting to see that businesses all throughout the world frequently mention these similar innovative impediments. However, businesses who are at the forefront of innovation see it as a requirement rather than a choice and work to get beyond these obstacles. This edition focuses on businesses like these that made the decision to innovate their way to success.
