The coronavirus pandemic has heralded unprecedented level of innovation, driven by the need to combat the disruption caused by the disease and build back better.
Nearly a year ago, the world of business (and indeed the world at large) was thrown into a state of flux as the now infamous coronavirus spread like wildfire, rampaging healthcare systems across the world, bringing supply chains to a standstill and upending business as normal.
Almost a year on, normal as we know it has been redefined. Technology, already an important part of daily life pre-Covid has become essential. In this pandemic world today, nothing is possible without technology, from procuring essential household items to accessing medical help to even sending Christmas presents. The world as we knew it has been be redefined. And the catalyst has been in innovation.
As the old adage goes, innovation is the mother of necessity and nowhere was this more apparent than during the pandemic, as scores of businesses – micro, small medium or large – rose to meet the challenges through innovation. From innovating to developing drones for sanitising city blocks to using helping doctors remotely monitor patients.
The report found that in a short span of six months, organisations in India have increased their ability to innovate by 4 per cent by maturing their culture of innovation. Also close to 78 per cent of India organisations are speeding up digitalisation in a variety of ways to adapt to the new reality. This included launching digital products and introducing digital payments to embracing ecommerce and automation. As a result, Indian companies are aiming at increasing their revenue from digital products and services to 50 per cent in the next three years from 36 per cent at present. In fact, when asked about their priorities for the next 12 months, 45 per cent of the organisations in India indicated that they will focus on technology as most essential for business resilience and recovery.
“Innovation is no longer an option, but a necessity. We have seen how the recent crisis has spurred the need for transformation; for organizations to adapt and innovate in order to emerge stronger,” said Rajiv Sodhi, COO, Microsoft India.
In that context, the report suggests 4 important recommendations:
Strengthen the organization’s approach to digital transformation through resilient technologies, such as cloud, artificial intelligence and machine learning, allowing simplification, flexibility and agility. At the same time, ensure that cybersecurity is infused into the organization’s digital footprint.
2. Invest in people’s capabilities and skills
Create open and inclusive environment to attract the best and diverse talent. Integrate workplace innovation efforts that will be crucial to accelerate transformation; ensure the right rewards and incentives to encourage innovation; and unlock people’s capabilities by upskilling to sustain the pace of innovation.
3. Leverage data to increase competitiveness
Capitalize on the value of data by developing new data-driven products and services and exploring new revenue streams to increase the organisation’s competitiveness. It will be key that data-driven insights for enterprise-wide collaboration and decision-making, in addition to instituting a knowledge sharing culture.
4. Redesign processes to empower people to continuously drive innovation
Create a systematic approach to drive innovation – from ideation to commercialization – and establish a centralized digital transformation budget, along with digital KPIs. Customer centricity should be at the heart of continuous improvements, and a feedback loop is necessary to capture learnings on an ongoing basis.
UK Ministers, Shadow Cabinet leaders, diplomats, business chiefs come together for India Global Forum’s grand Diwali Reception in London Read… Read More
At the India Global Forum’s (IGF) grand Diwali reception in London this week, UK Home Secretary Suella Braverman focussed her message of… Read More
Home Secretary Suella Braverman has said the UK is eager to secure a trade deal with India to boost both… Read More
Chandrasekhar also attended a session on the Future of Digital at the India Global Forum where he spoke on the… Read More
India Global Forum’s glittering awards ceremony with Guest of Honour, UK Chancellor Rishi Sunak, to mark the culmination of a… Read More
The UK government on Wednesday announced 75 fully-funded scholarships for Indian students to study in the UK, beginning September 2022,… Read More