Systemic Issues and Weaknesses In Business

Innovation is important in business because it facilitates organizations with an edge in successfully penetrating thriving markets at rapid pace and provides an improved connection to emerging markets. Innovation can proficiently advance companies to bigger opportunities especially in economically developed nations. Thus, a company with an innovative culture have has the propensity to grow easily regardless of the fact that creative process does not always works in undemanding manner. Though tried and tested methods may be consistent but trying out new things is considered as a sensible experiment. In the article “Leading Innovation- Innovation is Simple, but Not Easy!” published on Mindwerx.com, Bill Jarrard has noted that areas regarding innovation tend to emerge from systemic issues or weaknesses with a business along with shifting consumer demands or technological advancements  (Jarrard, 2018).

Furthermore, Jarrard (2018) has essentially noted, that the key to surpass the need to successfully target areas which require innovation can enable organizations to efficiently progress towards their set goals and objectives. Meanwhile researchers studying business innovation are of the perspective that sincere and effective form of creativity and innovation can only develop primarily with successful implementation of new product, service or strategy. Though author on the other hand has negated such idea but it is important to distinguish the need of innovation of newly developed products in order to attain immense success in prospective days.

Meanwhile, article “Doblin – Ten types of innovation” revealed that though innovation faces diverse challenges, many business enterprises have been embracing innovative ideas to advance towards success (Doblin, 2018). For example, Walmart Inc, an American multinational retail corporation continues to develop lucratively through major process innovations based on real-time inventory management systems, price or delivery agreements with merchandise suppliers which efficiently enable managers to distinguish shifting consumer attitudes and further aid to act responsive with new pricing as well as merchandising configurations (Gudem, Steinert & Welo, 2014). On the other hand, based on Doblin-Ten types of Innovation, Harley Davidson has been creating a worldwide community of millions of consumers to innovate their consumer experience as part of the way the customers primarily perceive, think and feel themselves (Gudem, Steinert & Welo, 2014). However, many companies face difficulties in embracing innovation because of fear of uncertainty to involve in ambiguous work of innovation (Doblin, 2018).

Unique Identification Authority,start-up business firm aiming to offer paperless provisioning of banking services as well as welfare benefits to diverse range of Indian communities who have been devoid of authenticated identification until recent past. As the organization deals with multimodal bio-metrics such as fingerprint services, photographs and iris scans, it should primarily implement product performance type of innovation belonging to offering innovation category (Uidai.gov.in, 2018). This type of innovation type primarily will deal with the value of the product which this organization is offering. Through innovative implementation of product performance the company can efficiently recognize various features as well as the quality of service it is offering as it primarily deals with welfare of millions of people in need of proper identification (Uidai.gov.in, 2018). This type of innovation will be a prosthesis which will correspond to the needs of marginalized communities and further deliver efficient services to its clientele base (Fast company staff,2014).

The Importance of Successful Implementation of New Product, Service or Strategy

Zipdial, the second innovative start-up business organization fundamentally developed its business processes to circumvent costly call and messaging charges in order to convey marketing or advertising messages (Fast company staff,2014). Recently Zipdial has collaborated with broad range of clientele of multinational companies like Coca-Cola and Dove and facilitated them to send cost free and unlimited messages to their customers for any upcoming deals, offers and product launches (Zipdial, 2018). Thus according to Doblin’s innovation forms Zipdial can apply network and alliance type of innovation to refurbish their current business process. Furthermore, through improved networks and alliances, Zipdial  (2018) can penetrate into varied business domain for mutual benefits.

Innoz, the Indian mobile technology companyis one renowned company recently has been offering platform for offline Internet access in under developed regions of the country. As the business aims to set up Internet facilities in under developed regions of India, Innoz must implement service type of innovation. It is important to note that such forms of innovation signify processes through which business aims to offer ‘customer service’ to its clientele (Innoz.in, 2018). Creativity and ingenuity involved in this form of innovation will enable its clients in using the service and understanding its features by making the overall experience of using their service a resourceful one (Innoz.in, 2018).

Channel innovation is a form of effective innovation that is extensive and frequently applied with other types of innovation. Goonj, a well-renowned social-serviceorganization proficiently collects the surplus resources from urban households or communities and offer to the economically deprived sections of rural regions of India (Fast company staff,2014). With the implementation of channel innovation Goonj will can proficiently recognize the delivery of their services to their customers and further connect the consumer with their welfare services (Goonj.org, 2018).

Eram Scientific Solutions (ESS)recognized as a Private Limited company is a R&D Social venture functioning chiefly in the water and sanitation sector. As the Eram Group has primarily aimed to ensure society to have a global perspective must focus on channel innovation to efficiently offer productive outcomes as well as a vision for the future based on innovation (Eram Scientific, 2018). Eram must use new channel innovation that is recently populated by people who propose for social welfare and offer advisory as well as integration services through technological advancements. Channel innovation will essentially leverage companies promote sustainability and improve health and sanitation conditions of deprived sections of the society(Fast company staff,2014).

The Role of Innovation in the Success of Multinational Corporations

Mitra-biotechrecognised as an international leader in advancing personalized oncology treatment as well as supporting efficient cancer drug development aims to maintain a major research in the laboratory presence in Bengaluru, India. As the organisation efficiently recreates an artificial environment for cancer patients’ tumour sample and tests various drugs on a directly, the business needs to apply significant innovative ideas to form a strong client base and offer advanced services to the people suffering from such illness. Through application of service innovation Mitra-Biotech will seek new revenue streams by attaining their customers’ needs in order to get things done (Eram Scientific, 2018). Furthermore by making the job, primary focus of service innovation lies on facilitating organisations to define the customer value in a way which can guide development to current services and further efficiently create entirely new services (Fast company staff,2014).

Interview Street, being a technology company fundamentally focuses on competitive programming and help users to create online test consisting of programming questions and multiple choice and test answer questions (HackerRank, 2018). As the world is hyper connected with networks allowing people to perform things which they could not do by their own network innovation can serve contributory role to the companies innovation implementation and can sufficiently share risks in developing new offers.

Doblin’s 10 types of innovation has spoken about business model innovation which is the development of new and exceptional concepts of supporting and organisational financial viability along with the processes for developing those concepts to fruition. MyDentist,a Starbucks inspired dental chain pictures into to the financially deprived section of the society such as cab drivers as well as domestic workers bye why offering and economical range of dental services (My Dentist, 2018). These services however through business model innovation can consider newly developed resources by efficiently enhancing the product value and recognise ways through which the services are deliver to their clients (Fast company staff,2014).

Ola cabs- Business of Ola Cabs have successfully emerged as India’s largest car rental brand and uses myriad tech solutions in order to navigate the disorder of India’s urban commuter system. However it is highly essential for Ola cabs to apply brand innovation strategies in order to recognise marketing plans a product representation as well as other offerings to their customer base (Olacabs.com, 2018). Through brand innovation the company will successfully identify customer insights and recognise their demands and needs which they can refurbish through this innovation and acquire a competitive advantage position in the market (Fast company staff,2014).

CloudNine,a recognized health-care organization is successfully being sustaining 0% maternal mortality rate with around 99% survival rate. This kind of welfare services require significant brand innovation to leverage loyalty factors that consumers constitute with the brand itself. Furthermore, Cloudnine Hospitals (2018) through brand innovation can raise elevated level of intentions of their brand and services to connect more number of mothers in which direction the brand is advancing with services they have been offering (Fast company staff,2014).

References 

Cloudnine Hospitals. (2018). Best pregnancy and maternity care hospital in India | Cloudninecare.com. Retrieved from https://www.cloudninecare.com/

Doblin. (2018). Ten Types. Retrieved from https://www.doblin.com/ten-types

Eram Scientific. (2018). Eram Scientific » Innovation Obsessed. Retrieved from https://eramscientific.com/

Fast company staff. (2014). The Top 10 Most Innovative Companies in India. Retrieved from https://www.fastcompany.com/3025321/india.

Goonj.org. (2018). Goonj. Retrieved from https://goonj.org/?gclid=EAIaIQobChMI1ImphPvS3gIVWIyPCh0Ppgb3EAAYASAAEgJyDPD_BwE

Gudem, M., Steinert, M., & Welo, T. (2014). From lean product development to lean innovation: searching for a more valid approach for promoting utilitarian and emotional value. International Journal of Innovation and Technology Management, 11(02), 1450008.

HackerRank. (2018). HackerRank. Retrieved from https://www.hackerrank.com/interviewstreet

Innoz.in. (2018). Innoz.in – Connecting the Unconnected. Retrieved from https://www.innoz.in/

Jarrard, B. (2018). Innovation Is Simple – But Not Easy! -. Retrieved from https://mindwerx.com/innovation-simple-not-easy/

Lim, C. M. (2017). Not by making things better but by playing the game differently: Business Models Innovation course for fashion curriculum.

Mindwerx.com. (2018). Innovation Is Simple – But Not Easy! -. Retrieved from https://mindwerx.com/innovation-simple-not-easy/

Mitrabiotech.com. (2018). MitraBiotech | A pioneer in enabling personalized cancer care and drug development. Retrieved from https://www.mitrabiotech.com/

My Dentist. (2018). My Dentist. Retrieved from https://mydentistinc.com/

Olacabs.com. (2018). Ola UK | Rideshare leader comes to Cardiff, Newport and Vale of Glamorgan | Sign up to drive at drive.olacabs.com. Retrieved from https://www.olacabs.com/

Uidai.gov.in. (2018). Home – Unique Identification Authority of India | Government of India. Retrieved from https://uidai.gov.in/

Zipdial. (2018). Retrieved from https://www.crunchbase.com/organization/zipdial