By Vinita, Anjali and Gaurav

CREATIVITY & INNOVATION

Creativity – Coming up with Ideas

Innovation – Bringing Ideas to Life

Creativity – Individuals may display Creativity

Innovation – In Organizational context only
FORTHCOMING ATTRACTIONS

Introduction
Why innovate ?
Drivers for innovation
Minimize risk exposure
Challenges

Innovation Cycle & Programs

Innovation Framework and Areas for Innovation

 WHAT IS INNOVATION ?

Innovation is the process of turning ideas into

manufacturable and marketable forms i.e. it
involves the whole process from opportunity
identification, ideation, prototyping, production
marketing and sales.

“Innovation consist of what everybody has seen

and thinking what nobody has thought.” -
-Albert Szent Gyorgyi.
 WHY INNOVATE ?

The enterprise that doesn’t innovate, inevitably

ages and declines. – Peter Drucker
New products & innovativeness usually increase
company value.
Companies that are doing well today invariably

have an enviable stable of new products

DRIVERS FOR INNOVATION

Financial pressures to reduce costs,increase

efficiency, do more with less, etc.
Increased competition.
Shorter product life cycles.
Greater availability of potentially useful
technologies coupled with a need to exceed
the competition in these technologies.
MINIMIZE RISK EXPOSURE

Base innovative efforts on your experience.

Focus on products or services that have been
largely overlooked.
Be sure there is a market for the product or
service you are hoping to create.
Pursue innovation that customers will perceive
as adding value to their lives.
 CHALLENGES

Visualization of vision, goals and progress.

Process Ambiguity
Collaboration and communication between

cross functional teams.

Learning curve.
INNOVATION

CYCLE

&

PROGRAMS
INNOVATION CYCLE
 INNOVATION PROGRAM
FOCUS STRATEGIES

Environment Understand the markets, customer, competitors, industry trends, legal &
Scan fiscal requirements along with the drivers
(“Know Why”) Segment the market and identify target in the attractive segments
Determine new customer and their purchasing reasons
Develop a marketing communication strategy

Product / Translate current and future customer needs and preferences into product
Services performance requirements
(“Know What”) Decide how to differentiate our offerings.

Process Align resources for product performance

(“know how”) Define capabilities and competencies for differentiation and the value
proposition along with investments
Identify and capture potential disruptive strategies including technologies
Align demand and supply chain to fill the gaps

Resources Understand and integrate process, procedures, systems and people

competency required to deliver the products and services
(“know who”)

Time Lines Define time lines and get acceptance from the senior management along
INNOVATION FRAMEWORK
“Innovation Framework is a real or conceptual structure
intended to serve as a guide to do something useful.”

“Its the framework which changes with each new

technology and not just the picture within the frame.”
 NEED FOR A FRAMEWORK

Framework for cross-functional alignment and

integration
Enables effective decision making in line with the
vision
Align future goals and product plans
Capture knowledge as the effort progresses
AREAS FOR INNOVATION

 Product Improvement
 Product diversification
 Customer Service Improvement
 Creative Advertising
PRODUCT IMPROVEMENT

 Constantly ask “ How can we Improve our

Present Products ?”

 Who would have predicted 20 years ago that one

day man will shave without using shaving cream,
gel, foam or lubricating strip. But Thanks to
Gillette and their constant innovative product
improvement measures its very much possible
today. [SENSOR EXCEL]
PRODUCT DIVERSIFICATION

 Always be asking yourself “ What else does

the customer want ?”

 Not content with the world Shattering

success of the walkman , Sony went on to
produce some clever variations latest being
Walkman X series.
CUSTOMER SERVICE

 We need to be ever on the look out for new

ways of caring for the customer.

 Jas Carlzon took SAS , the Scandinavian

Airline , from an $8 million loss in 1981to a
$71 million profit just over a year later .
CREATIVE ADVERTISING

 SOME EXAMPLES IN ADVERTISING SLOGANS :

 The Citi Never Sleeps – Citi Bank

 I think, therefore IBM. – IBM
 Think different – Apple
 Let Your Fingers Do The Walking. – Yellow Pages.
 Don’t be vague. Ask for Haig. – Haig Scotch
Whiskey
 All the news that’s fit to print. – The New York
Times
“Every act of innovation is first of all an act of
destruction.“
- Pablo Picasso