Businesses today face pressures from numerous fronts. Globalization is spreading aspects of business geographically apart. Industries are converging and new ones are created simultaneously. Buyer driven economy faces unpredictable demand and shorter product and service life cycles are imposing challenges to keep pace with accelerating markets. It is clear that for organizations to grow they have to do many acts of business differently to cope up with new changes in business environment. In short, the viability of an organization depends upon creativity and innovation.
All businesses have few people on which they depend greatly to deliver innovative ideas. But this dependency increases as the business grows and does not remain scalable. The result - the whole business suffers.
At BMGI, we believe all people are creative and it is only their style or approach to creativity that varies. So while we encourage you to take advantage of your "creative geniuses," we also partner you in understanding innovative capabilities that other people of your organization have and help you in leveraging innovation through designing and developing innovation capability across the entire enterprise.
We believe creativity and innovation is a process and there are many tools not taught in traditional institutions that offer great insights. Our comprehensive approach to design and development of innovation capability concentrates on -
The Challenge in the Opportunity
In spite of the size of market opportunity, India presents unique challenges to businesses that want to succeed. For example, unlike developed markets, the kirana shops (unorganized retail) accounts for 90% of retail sector, infrastructural issues such as electricity and availability of natural resources such as running water decide the fate of consumer goods. A host of cultural and geographical issues influence the eating and living style of Indian consumers. The buying decision of Indians is still and is likely to continue to be largely influenced by better value for money (high price sensitivity) regardless of the brand. Many such subtle factors which arise as a combination of environmental, infrastructural and cultural factors make India and other emerging markets unique and if not understood well, may lead to mis-steps and lost opportunities.
Innovation - Key to Success in Indian Market
Several global companies have sensed this emerging opportunity and have been operating in India since the early 1990s with mixed results. The typical approach of introducing successful products/ services from developed/other markets into the Indian market has led to failures. Learning from these experiences and then innovating their offering has been fundamental to the success of these early entrants. When Yum restaurants launched KFC in India in mid-1990's little did they recognise that their chicken wings and wraps were too alien for Indian taste buds. They took nearly a decade to innovate their chicken offering based on Indian taste and belief. Similarly, Motorola tried riding the telecom wave in India by launching its range of mobile phones which were very popular in the western world. But mobile sales never picked up for Motorola in India and it took very long for them to realize the unique physical conditions which mobile phones need to withstand - Indian heat, dust and humidity with excellent battery life to withstand the erratic power supply conditions in India. Nokia learned from the experience and was able to create a better and more adaptable product for the Indian market. Affordability is another factor which matters a lot for Indians. Siemens and GE launched their medical diagnostic equipment in India expecting huge growth given the scope of medical healthcare in India. But their one size fits all strategy struggled to take off when even the premium hospitals were unable to afford it. GE and Siemens realised the need for change in their processes to produce special low cost devices for Indian market. Today these newly innovated products are finding their way back into developed markets building a case of reverse innovation. Many businesses have lost lucrative years of opportunity and lots of dollars to realise the importance of innovation in their products/ services to grow their business in India. Mere transfer of successful products from other markets is increasingly proving to be a sure shot recipe for diasater. Further, today, with increased global awareness of the Indian opportunity, organizations do not have the luxury to fail first, recover and then succeed in the market place. Getting it right the first time will require companies to invest into innovation early to leverage the first mover advantage to capture market share and grow their businesses.
Innovation and Total Performance Excellence
Successful companies must not only manage and improve present performance but also create the future. They have to find a balance between innovation and present performance. BMGI’s Innovative Performance Excellence approach helps organizations excel at both through a combination of methodologies and systems such as problem solving skills, enterprise process management, change leadership and design and development of innovation capability.
While methodologies seek to solve problems within existing processes using data and analysis, Innovation and Strategy strives to solve problems using out of the box thinking and a more flexible approach. Applying both systems enables companies to optimize current performance and plan for future growth and success.
BMGI’s Innovation Services
BMGI has a strong track record in imparting innovation in organisations. Our clients form the basis of our innovation delivery today. To cater various aspects of innovation capability BMGI offers following innovation services:
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,call BMGI.