According to the report, innovation is a top strategic focus for most Indian companies. An overwhelming 89% of the respondents said the importance of innovation has increased significantly over the last 10 years, while an even more overwhelming 91% of respondents said that innovation was one of the Top 3 strategic priorities.
The report notes that the innovation movement in India today is akin to the quality movement of the 1980s and 1990s. Says the report: Innovation in India Inc today is as big as the quality movement of the 1980s and 1990s. After going through the quality movement, manufacturing companies today want to focus on front-end innovation. They are working on innovative customer offerings (by improving consumer service, working on product cost structures and by offering more features in their products) rather than focusing only on process management and quality. Indian companies are also focusing on innovative HR strategies in order to draw and retain talent.
The findings were unveiled at the First Global Innovation Summit in New Delhi on 22 March. This survey is based on the Innovation Survey that BCG undertakes every year at a global level.
Commenting on the survey, Mr Arun Maira, chairman, The Boston Consulting Group India says, BCG has been at the forefront of innovation in India and globally. We have been very committed to increase the level of awareness and penetration of innovation in India. We are glad to now work with CII to further this cause. The survey provides fact-based perceptions of senior management of Indian companies on the many dimensions of innovation: level of importance amongst various strategic priorities, priority areas for innovation with-in a company, extent of confidence on various elements required to create innovation capability, and issues and challenges facing companies.
Dr Surinder Kapur, chairman, CII Mission for Innovation in Manufacturing, says, CII has taken innovation as one of the most important topics to focus on in the coming years.It has formed a Mission for Innovation in Manufacturing. This mission is targeting to increase awareness on innovation and provide learning to Indian companies. This survey is an important step in this direction.
The survey goes on to say that while the general willingness to invest on innovation is there, corporates arent sure about the returns on these investments. Indian companies are confronting the innovation paradox. While 74% of the respondents plan to substantially increase future investments in innovation, around 60% respondents were not satisfied with their returns, it says. Explaining this paradox, Mr Sachin Nandgaonkar, director, The Boston Consulting Group India, says: This innovation paradox indicates a large gap in defining, measuring and building innovation capability in organizations.
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According to the report, innovation is a top strategic focus for most Indian companies. An overwhelming 89% of the respondents said the importance of innovation has increased significantly over the last 10 years, while an even more overwhelming 91% of respondents said that innovation was one of the Top 3 strategic priorities.
The report notes that the innovation movement in India today is akin to the quality movement of the 1980s and 1990s. Says the report: Innovation in India Inc today is as big as the quality movement of the 1980s and 1990s. After going through the quality movement, manufacturing companies today want to focus on front-end innovation. They are working on innovative customer offerings (by improving consumer service, working on product cost structures and by offering more features in their products) rather than focusing only on process management and quality. Indian companies are also focusing on innovative HR strategies in order to draw and retain talent.
The findings were unveiled at the First Global Innovation Summit in New Delhi on 22 March. This survey is based on the Innovation Survey that BCG undertakes every year at a global level.
Commenting on the survey, Mr Arun Maira, chairman, The Boston Consulting Group India says, BCG has been at the forefront of innovation in India and globally. We have been very committed to increase the level of awareness and penetration of innovation in India. We are glad to now work with CII to further this cause. The survey provides fact-based perceptions of senior management of Indian companies on the many dimensions of innovation: level of importance amongst various strategic priorities, priority areas for innovation with-in a company, extent of confidence on various elements required to create innovation capability, and issues and challenges facing companies.
Dr Surinder Kapur, chairman, CII Mission for Innovation in Manufacturing, says, CII has taken innovation as one of the most important topics to focus on in the coming years.It has formed a Mission for Innovation in Manufacturing. This mission is targeting to increase awareness on innovation and provide learning to Indian companies. This survey is an important step in this direction.
The survey goes on to say that while the general willingness to invest on innovation is there, corporates arent sure about the returns on these investments. Indian companies are confronting the innovation paradox. While 74% of the respondents plan to substantially increase future investments in innovation, around 60% respondents were not satisfied with their returns, it says. Explaining this paradox, Mr Sachin Nandgaonkar, director, The Boston Consulting Group India, says: This innovation paradox indicates a large gap in defining, measuring and building innovation capability in organizations.
| Check Top MBA Colleges in India by Cities | | |
| Also Read Important Articles on MBA Admission | ||
| Top MBA Colleges in India | MBA Admission | MBA Entrance Exam |
| MBA Placements | MBA Ranking In India | GD Topics |
The Boston Consulting Group along with the Confederation of Indian Industry (CII) announced the findings of their first senior executive survey on innovation in the manufacturing sector.