Many Indian companies are increasingly rising to the challenge of competing globally. Increasingly we are seeing Indian companies acquiring global assets with the long-term vision of being global. Growth is the number one priority for many CEOs who would like to leverage local and global opportunities to take their companies to a new level of scale and performance.

The challenge of sustaining long-term growth is daunting - data from US companies show that roughly 90% of companies have failed to sustain growth over the long term. The data for Indian companies may not be too different – names such as Reliance, Bharti, Infosys, Wipro, Tata Consultancy Services etc have all been created in the last three decades.

For many companies, mergers and acquisitions drive growth. Yet, it’s been discovered that most M&A efforts not only fail to enhance growth, some actually erode shareholder value.

The other primary method of promoting growth is generally known as organic growth. Organic growth encompasses a wide variety of methods companies use to enhance revenues including new products and services and increased customer satisfaction. Like M&A, organic growth doesn’t have an impressive track record. In fact, approximately 75 per cent of new products introduced by established companies fail to deliver in the marketplace. And, although it’s more difficult to quantify, many companies are today struggling with the concept of innovation, what it means to them and how exactly it contributes to their growth.

At BMGI we define Innovation as the act of generating more value for the customer and the business by fulfilling a job to be done better than anyone else. For many innovation is an act of serendipity that happens to a gifted few. We firmly believe that by understanding the critical factors of growth, the risks of growth through Innovation can be minimized.
 
Historically, manager tasked with driving growth through innovation have faced a risky and unpredictable road. At BMGI, we believe that this is because the critical variables that impact growth, innovation and the creation of new market space have not been previously articulated. However, enough data is now available to draw viable conclusions about how the successfully accelerate growth through innovation, as well as how to mitigate the risks associated with unstructured innovation.

By leveraging the keys to innovation, organizations can sustain growth through a process that is repeatable, predictable and sustainable. Such an approach is accomplished through the development of a balanced innovation portfolio, high performance teams and a climate for innovation. Also required is a process for innovation projects and a variety of tools and techniques that have been proven to help companies realize their results from innovation. Global companies such as P&G, Apple, Goldman Sachs and several Indian companies like Marico, Bharti, Tata Group and Reliance have commenced their journey to make innovation a core part of their operating culture.
 
Successful companies must not only manage and improve present performance, they must also create the future. BMGI’s Total Performance Excellence approach helps organizations excel at both through a combination of methodologies and systems such as Lean, Six Sigma, Process Management, Change Leadership, Design and Innovation.

While methodologies such as Lean, Six Sigma and Process Management seek to solve problems within existing processes using data and analysis, Innovation strives to solve problems using out of the box thinking and a more flexible approach. Applying both systems with a TPE context enables companies to optimize current performance and plan for future growth and success.

  Want to learn more about Innovation?

BMGI’s innovation team will work with you to design an innovation approach that will drive growth in your organization. To speak with one of our experts, write to us or call us.