Challenges: Let's face it
Every business needs an ‘innovation' centre where brainstorming sessions on new ideas, new methods to use technology are taking place. The only constant with technology is that it is rapidly changing. With the introduction of smartphones and portable devices, the emphasis on mobility cannot be further emphasised. Now, information is on the move, accessible always, anywhere, and anytime. If companies are not ahead of the curve, then they are trying to battle the transformation. Before you stutter and realise that you are catching up to a trend, there is a seismic shift to what is relevant.
Indian companies still face a challenge in implementing emerging technologies and the questions they often face are whether they want to replicate or adapt, compete alone, collaborate or co-create, accept the market changes, or wait, watch and then adopt.
The other challenge is to explain to management how as a company, you want to take a chunk of the revenue, tear away from every analytical tool indicating profits in a market, argue against customer wants, and invest in something that you do not know exists. Sounds easy? No! Well, that's the whole point of garnering a disruptive market - it is yours and for it to be that unique, you will have to invest and innovate.
Though adoption of technology is slow and the integration between IT and manufacturing has been sketchy, things are changing. Increasingly, companies are realising the long term potential of technological advancements. Investing in technology helps in mass customisation, a feature that ensures process efficiency rather than mere mass production.
As companies move towards an inclusive model that caters to specific markets, customisation of products is being sought after and technology empowers and enables this process. Therefore, it is imperative for technology and manufacturing to integrate and work seamlessly, to ensure that the supply meets demand.
The way ahead
In-house expertise should have the business acumen and come with a technology mindset. They should be ready to co-create the solution with service providers to ensure optimal RoI on disruptive deployments. CIO will start playing a much bigger and strategic role.
Many CIOs recognise that their role now is less about operations and more about customer and business outcomes. Still, many CIOs struggle with three competencies central to running today's digital enterprise: enabling agile business operations, driving product and process innovation, and boosting customer engagement.
To sum it up, I would like to mention a line from the book - Jugaad Innovation: Think Frugal, be Flexible, Generate Breakthrough Growth - "Jugaad innovation is becoming increasingly active in the West, where it complements the structured approach to innovation to deliver the agility, speed and efficiency that is so crucial in today's complex economic environment." Well, does Jugaad still sound alien?
The author is Global BU Head - Manufacturing Vertical, Xchanging
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