Frost & Sullivan
Monday, October 21, 2013 12:42 PM IST (07:12 AM GMT)
Editors: General: Economy, People; Business: Business services, Information technology, Media & entertainment; Technology
‘Disrupt, Collapse, and Transform’ is the Foundation for Successful Business Innovation – Frost & Sullivan at GIL India: 2013
New Delhi, Maharashtra, India, Monday, October 21, 2013 — (Business Wire India) — Developing economies are poised for social change; this combined with a need to grow globally is increasing pressures on companies to innovate in new, exciting ways. Trends that are creating widespread disruption, collapsing industries, and transforming spaces are giving context to opportunities for growth.
GIL India: 2013 paved the way for an interface with delegates on ‘Disrupt, Collapse, and Transform – Are You Ready?’ As disruptive technologies replace current trends the presentation drew the delegates’ focus to what they could do to cope with the rapidly changing business environment – from newer business models to integrating ‘Smart’ with everyday objects. With the virtual world becoming increasingly commonplace, the world around us is collapsing fast causing the rigid boundaries between industries to fade rapidly. Innovations in technology and materials are responsible for transforming the manner in which the human race interacts with the external environment, associated enablers, and internally within the society.
The Blue Sky Innovation workshop touched upon the current business scenario and concluded that while it is important for companies to focus on the cash cows of the present, the rapidly changing market could mean that the current business is heading towards a dead end. It is important to make sure the companies are aware and in tune with the greater market changes and looking to develop new offerings that keep up, and potentially, disrupt collapse and recreate new and current market spaces.
Mark Simoncelli, Global Director, Growth Implementation Solutions, Frost & Sullivan said, “Blue Sky innovation complements traditional innovation in driving business performance. Collaborations can lead to increased pipeline of ideas, more robust ideas with quicker and more directed development, and a reduction in costs. Innovation requires synergized interaction between all the key players in the broader innovation environment. The key components, separately and in combination, provide the foundation for successful innovation. Organizations move beyond an ad-hoc approach when they develop the capabilities and synergies that support sustainable innovation. But the larger question is – How should you be incorporating Blue Sky thinking into your business?”
The innovation diagnostic proposed by Frost & Sullivan is the first step towards developing the roadmap towards optimal innovation. The diagnostic tool evaluates an organization’s innovation readiness through a parametric understanding of its strategic, operational, and resource capabilities or through evaluation of capabilities like Strategy and Leadership, Organizational Structure, Market Intelligence and Insight, Technologies and Resources, Culture and Performance Management, The Innovation Process, and Risk and Portfolio Management.
“The innovation management system reaches across the organization. Over and above the innovation process, there are several other functions of the organization that impact innovation. All these components need to interact in a synergized way within the organization. But the challenge is – ‘What are you going to be changing to make yourself more innovative as an individual, more innovative as a company and to help make you more innovative as a country,” Simoncelli added.
Further, the presentation on emerging Mega Trends that will impact countries and in particular India, revealed that urbanization will continue to drive India’s infrastructure development, which will lead to the formation of Four Mega Regions by 2025, each with a population of over 15 Million. Mega Cities are likely to contribute 70 percent of India’s GDP in 2030 and, 8 Mega Corridors will surface by 2021 and 70 Satellite Towns by 2020.
GenY, working age population, Working Women and the great Indian Middle Class will continue to be the most influential segments, triggering new social, technological, and economic needs. The compound impact of Mega Trends will bring in a paradigm shift towards Smart Lifestyles, Smart Governance, Connected Society, and New Business Models.
Mega Trends further indicated that in India,
— Three out of 10 Two-Wheelers will be an Electric Vehicle
— Cities will become Smart and Sustainable
— Multipurpose super-appliances will become increasingly popular
— Multiple devices will monitor our well-being, and wonder and designer drugs will be commonplace
— Renewable energy sources will become a formalized part of the grid
— One out of every 10 retail transactions will be an online transaction
Additionally, urbanization will also mean impending stress on Food, Water, and Power resources by 2025. Frost & Sullivan estimated that in India, there will be a 60-Million-Tons shortfall of Food grains, 30- Million-Tons shortfall of Pulses and Cereals, 35-Million-Tons shortfall of Fruits and Vegetables, 30 percent Ground Water Depletion, 92 percent utilization of available Water, Water resources 250 to 450 km away from cities, increase of Coal imports by 200 percent, increase of Crude Oil imports by 100 percent, Power tariff hikes between 25 and 40 percent every year and finally, a 10 percent fall in industrial output due to Power deficits. These statistics re-enforce the need to pay heed to these imminent conditions and draw out a plan to save the resources before they are completely depleted.
Frost & Sullivan recently concluded its global event titled GIL India: 2013 at Taj Lands End, Bandra, Mumbai, India. GIL India’s focus was on “Discovering the Next BIG Thing: Leveraging Mega Trend Opportunities to Grow and Innovate – Today, Tomorrow & Beyond.”
Regional Media Partners for GIL 2013: India, were CEO India, Smart CEO, and The Smart Manager (Strategic Media Partners), and A&D India, Infrastructure Today, Power Watch India, Process India and SustaiNuance (Industry Media Partners).
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.
Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
— The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including research, analysis, strategy, vision, innovation and implementation.
— The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360-degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
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