The innovation imperative
During my keynote address in Stockholm, The Key Principles of Innovating in an Uncertain World, I discussed the critical nature of innovation for business success. It is not merely good to have, innovation must be a C-suite priority and a core part of a business strategy. Even those businesses offering best-in-class products and services will lose ground in the marketplace if they fail to innovate.
Partnerships for progress
TCS works with some of the world’s largest companies in multiple industries to help them drive success through innovation. These are two-way partnerships. We learn from our partners as we help them create solutions that will enable them to reach their respective goals. It’s about building on shared beliefs to deliver innovations that bring mutual benefits and create exponential value.
We saw the power of partnership innovation during the pandemic when multiple stakeholders came together to develop and deliver vaccines in record time. A challenge that previously took years, or even decades, was solved in months thanks to modern technology and a dedicated focus on converting an idea into an effective outcome.
Innovation by design
While the vaccine development was highly effective, it’s important to note that successful innovation is complicated. You need to know where you want to go and why and have a structure for your innovation strategy. The TCS Agile Innovation Cloud (AIC) creates a design framework for innovation that quickly shifts the process from idea to reality.
To be truly innovative, you must systematically convert ideas into new services and solutions to reach your preferred outcome. It is vital to understand what the customer needs to fulfil their role in the future. Sport provides a useful analogy. Look at elite football or hockey players, for example, through years of playing, they know where the ball or puck will end up and can position themselves to take advantage of this knowledge. In the context of innovation, companies can do the same.
Innovation can take many approaches, and it’s important to identify the best option to achieve the desired outcome. Do you need to change to meet customer demands, or adapt workflows to make your business more efficient? Should you drive innovation in-house or outsource your ideas for speed and efficiency? What existing technologies can help you meet your needs and when must you create proprietary technology from scratch? These considerations all offer different routes to your preferred position.