Every day a new application is released, new software is written or a new version of a technological product is announced. In order to stand out and make an impact in a highly competitive technology industry, the key difference is INNOVATION. Research has shown that an innovation strategy involves continuous experimentation, learning and adaptation, without which innovation efforts fail. Although an effective innovation strategy is at the heart of any successful organization, it requires active leadership from above, said Satya Nadella, CEO of Microsoft: “The goal of our management team is to bring clarity, consistency and intensity.”
At CXOToday we talk to some technology experts who shed light on the importance of innovation for success in this competitive world and on how CXO in technology can build a culture innovation to create long-term value and strengthen resilience in the face of crisis.
“Over the last two years, the business environment has become increasingly complex, and innovation has acted as a core for all the transformations that have taken place in society. Therefore, companies need to use innovative thinking to reduce and minimize the costs, footprint and complexity of managing a dynamic workforce, data and operations. In fact, data-driven innovation is a necessary step for businesses to add competitive intelligence to a thriving business model. Once organizations manage data properly, a culture of innovation and growth begins to take shape.
In addition, executives need to consolidate their leadership to pursue transparency, application focus, and a data-driven culture. Innovation comes with the perfect synergy of different views and experiences, both internal and external. Leaders can achieve this by allocating resources for experimentation and creating a safe space for innovation within a culture of openness to not only enhance the experience of employees but also enhance product offering and enhance superior customer engagement. ” – Anshuman Rai, Vice President of the Region, India and South Asia, Commvault
“The right culture breeds innovation. It fosters unorthodox thinking that forces thinking to accept change as opposed to conventional thinking that does not often lead to new ideas or innovations. Innovative companies have a culture that supports change, a culture that is not afraid to fail. In fact, they celebrate failure, learn from it and move on quickly. The problem with innovation is that all too often it’s about the ‘I’, while it has to be about creating a ‘we’ culture. Great ideas don’t always come from a particular team. An innovative work culture allows anyone who has a great idea to turn that idea into action in a much easier way. In addition, innovation is born of lifelong learning. Therefore, learning should be a priority in the culture of the organization. Innovation is an ongoing process, and that is why innovation companies put a lot of effort into people, processes and tools to continually develop innovation and make it sustainable. ” – Sanjib Patel – Director of Software Development, Saber Bengaluru GCC
“The pandemic has redefined the business landscape today, putting transformation and innovation at the heart of all operations. In fact, a culture of innovation is key not only to unlocking post-crisis growth, but also giving employees the opportunity to survive uncertainty and achieve greater productivity. Therefore, companies need to make the necessary and drastic changes in how a business thinks about its customers, its people and technology to ensure that it can survive after the twilight of brands.
Reflecting the path of innovative thinking, a leader must possess the empathy, creativity, and vision to drive a hybrid workforce and make technological decisions to maximize value for the business. This can be achieved through consistent learning, collaboration and the trust of all stakeholders and the industry ecosystem, thus accelerating the growth of and highlighting today’s dynamic enterprises. ” – Suman Reddy, Head and Head of State, Pegasystems India
“The last two years have changed the pre-determined norms of doing business and success in this era. Innovation, being the core of every company’s DNA, is now more important than ever in the modern world. With a dynamic business landscape and rapidly evolving customer requirements and interactions, businesses need to combine the perfect synergy of technology and sustainability to stand out in the marketplace. Business leaders need to be committed to innovation and promote an analytical and collaborative approach to get optimal value for business. This, in turn, will not only help businesses gain competitive advantage, but also lower the level of employee engagement, customer success and the core product. ” – Sudhindra Hall, Director, Axis Communications, India and SAARC
“The pandemic has further demonstrated that we cannot predict the future. However, we can prepare for a future that is becoming increasingly unpredictable. While today the focus is on health treatment of diseases, but in the future it will be more prevention. The drive will be to make healthcare more personalized, more accurate, preventative and more conducive. We are preparing to solve the problems of tomorrow with the help of modern innovations. Creative minds around the world are harnessing the potential of technologies related to patient connectivity and precision therapy, while harnessing the power of digital technology, data technology and artificial intelligence. These innovations create new value and advance us to a world without the fear of disease. ” – Dilip Mansuli, head of the Siemens Healthineers development center
“The information age has grown into an age of innovation. In the information age, technical skills were the key to success. Specialists applied their technical skills to digitization, automation, optimization and telecommuting. The era of innovation is the embodiment of new ideas. Technical skills alone are not enough. To be successful in the age of innovation, you will need to see the big picture, think creatively, take risks, learn from failures and implement your ideas well. Businesses that develop a culture of innovation will be destroyers rather than violators. ” – Rank Shetty, CEO of Granicus, India
“Innovative companies are those companies that deeply understand and sympathize with their customers, look to the future and are not afraid to try and encourage new ideas. They are innovative not by chance, but by the design and inculcation of culture at the grassroots level in the organization. While the foundation of innovation remains in understanding customers ’paths, with ever-changing technology and the business landscape, a continuous cycle of unlearning and re-learning, as well as the agility to quickly prototype new ideas, are key success factors». – Shridhar Krishnamurti, head of data analysis and engineering at Brillio
“Technology integration, as companies increasingly create scalable inventions and move to the next phase of exponential growth, is often compelling. However, mastering the art of innovation is a process for the whole company that establishes a robust process of invention. Spreading a culture of innovation is no less important than the innovation cycle. It is a source for companies to define the future, increase efficiency, increase productivity and differentiate to meet a variety of needs. Innovation is often a journey into the unknown. Rather, to develop a holistic view of the future and create hypotheses about the future of the business, it is necessary to set goals for the organization and give employees the freedom to apply their thoughts. By exploring different factors of change and attracting different levels of employees to non-standard thinking, innovation can stimulate the organization and provide a strategic competitive advantage. – Jaesh Nema – Director of Product Management (Technology) at Blackhawk Network India