Innovation is a new idea or a new way of doing things. It could be a change in something that is established or it could be a new way of looking at a problem to identify a new solution. It is a process of thinking creatively, and what we oftentimes refer to as “out of the box”.
What is ‘innovation’ in today’s business ecosystem?
As Stephen Shapiro, a hall of fame speaker and author, puts it ‘Innovation is about staying relevant’. The speed at which the world is transforming around us is unprecedented. The solutions that will drive businesses in the next five to ten years may not have even been thought of yet. Once we grasp this fact, the only way forward for any organization is to have a profound shift in mindset towards change and the force that is affecting most of this change, technology.
A year ago, I had a personal experience with a leading brokerage firm in South India. I reached out to their customer support for information regarding their services and to set up a new zero brokerage account. The experience was less than satisfactory as there were gaps in communication due to differences in vernacular, tonality and regional nuances. The result was a poor customer experience and a negative impact on their brand reputation. They may have an adequate support team but are they equipped to provide an exceptional customer experience to a market that is broadening beyond their immediate geography? Do they have tools in place to measure and analyze such experiences? Have they explored a remote support model to adapt to these changes?
It is time to change the conversation
Innovation is no longer a once-in-a-decade occurrence in the life of an organization. Instead of it being a milestone, innovation is now a continuum. Therefore, for an organization to truly stay relevant in modern times, it needs to spin the conventional idea of innovation on its head. Instead of seeking ‘one great idea’, we need to start framing the right questions and achieve incremental successes in making solutions better, bigger and faster. What are the critical success areas? How can we improve in their delivery? Can we start doing small things better?
Here’s another example of our experience as an organization. We were facing challenges with a client, which had three different lines of business, each attending to a different customer touch point. The lack of coordination and siloed nature amongst the three resulted in increased response time, decline in service levels and productivity. Analysis of the value chain and taking incremental, yet critical, corrective steps within and across teams helped us improve the different lines of business and enhance our partnership with the client.
We can employ technology to facilitate and enable solutions but before we think technology, we need to encourage an ‘innovation culture’. We need our people to be fearless in contributing ideas, provide an ecosystem that allows freedom to think, develop and test ideas without fear of failure. Not every idea will be a big breakthrough but this change in mindset will inspire real contributions, real ideas, real solutions and real value.
JindalX – a Hub of Innovation
As JindalX, we have always believed in adding value for our customers. Whether it is through a CRM solution for the world’s largest direct response marketing organization or through our proprietary products (such as Auction-it, ‘Market Force’ and ‘Influens’), we have significantly improved organization-wide efficiency and profitability. Our focus is to build partnerships with our clients, ask them relevant questions and deliver innovative solutions using best-in-class technology. Our innovation hub nurtures this culture.
Big data, advance analytics, AI and IoT are powerful tools, which enable us to add significant value for our customers. As we continue to partner with our clients, we will develop newer and better solutions to help them stay relevant and deliver exceptional value and experience for their customers.