Empathy is the capacity to understand or feel what another being is experiencing from within that being's frame of reference, i.e., the capacity to place oneself in another’s position. Putting it in the organization’s context, we are simply trying to go beyond what the customer is saying to discover his unarticulated needs. The importance of this discovery cannot be stressed enough looking at the challenges faced by organizations today in terms of improving the success rate of their new products and services.
A landmark report from Cambridge University proved something fundamental to all leaders. Innovation success is primarily dependent on corporate culture. In a study of 800 firms across 17 cultures, company culture was the single greatest factor of innovation success – not process, great hires, R&D spend, budget or national culture.
During FY-2015, the value added by the housing sector to GDP is estimated to have reached INR 3170 Bn and during the period FY 2011-15, the sector’s CAGR growth is pegged around CAGR 6.5%. Although the real estate witnessed a spurt in growth in FY 2010 on account of economic recovery post the global economic slowdown in 2008-09, increased cost of borrowing and overall sluggishness in the India economy between FY 2011-14 affected growth in the sector. However, there have been signs of growth in 2015-16 with the market estimated to have grown by ~10% owing to slight increase in demand and a cut in interest rates.
Innovation has become one of the most critical components of any business but it is also one of the hardest to pull off. As a result, one of the major issues being tackled by innovation practitioners is how to measure innovation and motivate the organization to deliver across all stages of the process. There are two well recognized methodologies that attempt to measure Innovation and both have their challenges.
Data has been at the forefront as far back as one can remember — dominating every piece of human existence. Organizations have tapped into the vast sources of knowledge, readily transforming the face of digital revolution. Big data Analytics has had its share of controversies but the so called buzzword has now taken the center stage in most business circles— more so with the growth of information. Big data is growing at a rate of 42% CAGR and is expected to touch 40 Zettabytes (40 trillion gigabytes) of information by 2020. Further, Big Data is a frontrunner when it comes to adding business value and almost 75 percent of organizations are keen on including it into the scheme of things.