Page 40 - DCICAI SOUVENIR 2019
P. 40
INNOVATION
KEYS
TO SUCCESS
CA VENKAT RAMAMURTHY
Past Chairperson of Doha Chapter of ICAI
Digital disruption, stiff competition and ever- Here are some of the possible measures to release
increasing customer demands have restructured this potential.
markets globally and are driving businesses
to innovate and adopt new business models. Innovation is everyone’s opportunity
Businesses have begun to realize that they must It is crucial to let employees realize that innovation
be innovative to survive in these difficult times and is not just the responsibility of Research Centers
they must innovate quickly. Despite this, innovation or Product Development departments. An idea
initiatives do not receive the desired impetus and can spring up from anyone, anywhere, at any time.
are at a nascent stage even in large organizations. Innovation is everyone’s opportunity and should
The organization structure is not shaped to promote be considered as team game. Employees across
innovation and hence investments in innovation all job functions and levels must be provided a
programs do not produce the desired results. collaboration platform to express and promote their
Examples of Kodak and Nokia are well known. creative ideas. By doing so, a sense of ownership
and responsibility is created among employees
So, what is innovation? Innovation is not and an innovation culture begins to unfold.
mere technological discovery or new product
development but rather a continuing approach that Alignment with company’s mission
links employee desire to corporate goals in every In many organizations, employees feel they are not
aspect of the organization. It focuses on people heard enough and hence, don’t deliver to potential.
who can innovate, their state of mind, their attitudes They tend to remain cut off and emotionally detached
and develops into an organizational culture. While from their employers. In some organizations, job
every organization can cultivate this mindset and roles are differentiated according to the value they
culture, and such mindset exists in varying intensity, deliver to business and bonuses are distributed
they fail to unleash the potential of such innovators. accordingly. It is important to listen to employees
and assure them that their role adds value. It is
important that every employee understands how
their job function backs the company’s mission
and strategy and that each must achieve the set
target objectives to ensure organizational success.
The obligation for captive innovation should be
tied to the company’s strategy and employees
must be inspired to put forth creative ideas.
Employee performance goals must be aligned to
the company’s mission.
