This article is authored by BVR Mohan Reddy, Founder & Executive Chairman-Cyient
Since the industrial revolution, technology brought about tremendous changes in our lives. Successive industrial revolutions have increased the per capita income of individuals and improved the quality of life. In the past decade, technology changes have accelerated exponentially like never before. These changes are disrupting the existing players but providing opportunities for them to participate in new technologies and to new companies to engineer novel products and services. The disruption in technology is making innovation an imperative and a new normal for organizations to keep themselves competitive, successful and sustainable.
Innovation is not a one-time or a periodic activity. It can no longer be confined to a select few and glass cubicles in organizations. Innovation has to become part and parcel of the daily life of every professional in every company. Also, innovation is not limited to products but can bring about transformation in processes and business models as well. To make innovation bedrock of its growth, an organization needs to create a culture of design thinking. For example, as part of his/her KRA (Key Result Areas), every engineer can be tasked to come up with one innovative idea every three months by challenging the status quo. These ideas can be reviewed, augmented, processed and mentored to bring about tangible outcomes that benefit the existing business.
To create such a culture, organizations need to have an open mindset and provide opportunities for employees to take risks and try alternative solutions. This requires an environment that can tolerate failures and learn from failures, while simultaneously encouraging associates to be persistent with their ideas until they find solutions. Technology is changing so rapidly that innovative solutions have become multi-disciplinary. So, a multi-disciplinary environment needs to be created by encouraging associates to work as teams.
To further promote innovation, organizations need to recognize and reward innovators and celebrate every innovation. This can serve as a motivating force for creating a culture that fosters innovation. Innovation breeds further innovation and as such, the moment organizations start nurturing innovation culture, it will grow to bring several benefits to the organization and the society.