A continuous urge for faster go-to-market and ever shortening product life cycles have required both big enterprises and start-ups adopt a hyper-innovation strategy.
Increasingly global firms are embracing hyperinnovation by investing significantly in R&D, making it a cornerstone of their strategy. In India, businesses have some way to go. Currently, India is ranked 48th in the Global Innovation Index 2020 and accounts for 2.7 percent of the global R&D spends.
“At Tata Chemicals, we have invested in world-class R&D facilities focused on developing Next Generation and Science –differentiated innovations around Performance Material Sciences, Nutrition, Agri, and Energy Sciences. This allows us to have a relentless focus on Excellence in our Core businesses and adjacencies while seeding Innovation for the future to harness the best of science, serving our Communities with care, while delivering Customer delight – domestically and internationally,” said Dr Richard Lobo – Head-Innovation & CQH (Business Excellence), Tata Chemicals.
Setting up a culture of hyper innovation
Understanding how disruptive technological innovations are impacting the industry. “For example, the integration of AI and 5G is expected to shift the entire paradigm of smart connected devices, so the innovation labs or incubation centers within the organization can help fast pace this entire process,” said Karthik Balasubramanian, SVP – ISVs and Emerging Verticals at Persistent Systems.
Embracing an idea and building a solution is the next important aspect in building a culture of hyper innovation. “The entire hyper innovation ecosystem would come into the picture, with the idea of leveraging the ecosystem and actors across the value chain who can work in tandem,” added Balasubramanian.
The most important aspect of implementing a hyper innovation strategy is finally about taking an outcome-driven approach.
Deciding the areas of Hyper Innovation
“We believe, organizations have taken a very narrow view to innovation (i.e., product). At Deloitte, we believe organizations can innovate across ten types (framework proprietary to Deloitte). Investing across the ten types creates a moat that is difficult to copy. Research shows, innovating in more than 4-5 types simultaneously decreases the ability for competitors to imitate,” said S Anjani Kumar, Partner, Deloitte India.
(Image source: Deloitte)
“We believe every organization needs to have a portfolio view to strategy and hence should take bets on what we define as Core (close to your business), Adjacent and Transformation (radically different) Innovation initiatives. The investment in dollar terms is typically 70-20-10 (Core – Adjacent – Transformational) the returns are typically inverted (10-20-70). That is to say, one good transformative innovation could yield multi-fold returns as compared to an innovation in the core. However, transformational innovations are typically harder to introduce and far more risky,” Kumar added further.
A strategy based around hyper innovation can sharpen a company’s DNA, and transform the Organisation’s mind-sets, culture and processes to live excellence as a way of life in all dimensions of Innovation.
To catapult hyper innovation journey the most important aspect is the people aspect, in an organization each and every individual should have a mindset of continuous improvement, out of the box thinking, learning from mistakes and implementing them quickly.
