siliconindia | | JULY 20224 Vol 10 · Issue 08 - 02 · JULY, 2022 Publisher Alok Chaturvedi Editor Emmanuel Christi Das Editorial Team Aveek Pal Chaudhuri Hima P M Mandvi Singh GM - Sales & Marketing Rohit Kumar Advertising Managers Editorial queries editor@siliconindia.com To subscribe Visit https://www.siliconindia.com/subscribe/ or send email to subscription@siliconindia.com Cover price is Rs.150 per issue. Printed and Published By Alok Chaturvedi on behalf of SiliconMedia Technologies Pvt Ltd and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017. Editor Alok ChaturvediCopyright © 2022 SiliconMedia Technologies Pvt Ltd, All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.advertise@siliconindia.com Senior DesignerSouvik Acharya Visualiser Rajesh R.B.Art ManagerSuanya Chakraborty Manager - Design Prabhudutta A.R.N RayCirculation Manager Magendran Perumal Ashwini D Naik Shilpa Selva Felisha Rita Correspondent Samatha SPAssistant Editor Ananth VAssociate Editor Indranil Chakraborty Innovation - A Necessity more than an Option EditorialT he hurdles to innovation remain, but the most innovative companies have realized that `innovation' is not just about developing new products and services but, more funda-mentally, about discovering new ways to create value. In India, where the investment in research & development (R&D) makes up a mere 0.8 percent of the GDP (1.23 percent for China), innovation is a relatively new concern-at least, in the private sector, which accounts for just a fifth of the total R&D spend. Indian firms face both a domestic and a global environment that is more competi-tive than ever before. For years, these firms have focused on reducing costs, increasing operational efficiencies, and targeting their products and services carefully at specific customer segments. Increasingly, however, that is not enough. To remain competitive in today's busi-ness world, every firm must make innovation a central pillar of its strategy for differentiation and growth. But how ready are Indian firms to make innovation an integral part of their growth strategies? In a survey conducted, it was found that more than 90 percent of CEOs surveyed said that innovation is `very important' to achieving their organizations' goals and is an explicit part of their corporate strategies. Bharti Airtel, for one, has established the Future Factory- a `center of innovation' that aims to develop innovative applications specifically targeted at individual customer segments. Wipro has es-tablished an `Advisory Board' and `Innovation Council' to invest in and manage innovation projects. Tata Motors has initiated a `New Product Introduction' process that defines business processes for new products-tackling everything from understanding customer require-ments to commercialization, and everything in between. Interest-ingly, firms around the world routinely point to these same barriers to innovation. But those companies that lead the pack on innovation view it as a necessity rather than a choice-and fight to overcome these barriers. This edition throws the spotlight on such organizations that chose to innovate their way through success.Emmanuel Christi DasEditoreditor@siliconindia.com
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