What Product Companies Can Do To Foster Innovation

K.S. Prashant, Managing Director, IDeaS Revenue Solutions
Wednesday, July 13, 2016
K.S. Prashant, Managing Director, IDeaS Revenue Solutions
Headquartered in Minneapolis, IDeaS Revenue Solutions offers cutting-edge revenue management and advisory solutions that redefine the Travel & Hospitality space by increasing client's revenue by up to 20 percent.

Big Data has radically changed the way enterprise software works today. Companies are increasingly adopting business analytics and big data. Research firm IDC puts the market for big data technology and services at a CAGR of 23 percent through 2019, with annual spending reaching $48.6 billion.

With the sheer volume of data involved and increasing complexities in analytics, it is imperative for technology companies to continuously sharpen their core algorithm capabilities and decision delivery mechanisms, while also creating new product lines. With a number of specialized startups emerging as competition, it is imperative for companies to have sustainable and structured, customer-relevant innovation programs within the organization, where new ideas are conceived and nourished.

Harnessing Innovation to Create Successful Products

I believe innovation is the 'commercialization of creativity'. For a company to nurture a culture of innovation, it needs to create a culture where ideas are generated and incubated. These ideas must be invested in, developed, evaluated and ultimately, crafted into existing product lines or into independent products. In a company, there exist a number of people who can bring in one or more of these capabilities, but perhaps not all. That's why innovation programs must not be restricted only to the 'conceiver' of the idea, but should permeate across various roles in the organization at appropriate stages. It is important that Human Resources (HR) serves as a lynchpin for such programs. The role of HR hence encompasses not only recruiting the right talent with the right mindset, but also in creating a workplace culture that is a fertile ground for idea generation.

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