Cutting edge technologies

Cutting edge technologies were considered among the most important areas for ensuring success of the company. Merely incorporating cutting edge technology can make or mar a whole industry. When the flourishing textile mills of Coimbatore failed to keep pace with the cutting edge technologies adopted by the Japanese, the whole industry went into doldrums. Conversely, when Tirupur technocrats decided to incorporate world class spinning technology, this small Tamil town found a place in the world class facility for spun knit wear.

Customer focus on Innovation

Incorporating the customer’s voice into a product is one of the most important methods of ensuring market led innovation. Often the companies assume they know what customers want. But fashions change and so do customer tastes. Nestle, found in the 80’s that their market share for chocolates was plummeting. They conducted a TCC or Tapping Customer Creativity, that is, when customers (school children) and officials of the company, learned tools of innovation in a non-threatening atmosphere and explored the field. It was found that modern children did not like chocolates which were too sweet. They also wanted some health benefits from the chocolate. The result of incorporating these suggestions is history – Nestle made a dazzling comeback with chocolates that were less sweet and were garnished with biscuits and nuts.

Constructive performance feedback

Productivity depends on performance feedback, as does the innovation. There is no incentive to think outside the box, when no one listens or cares. Positive affirmation is the key to ensuring that people stretch to think innovatively. 360 degree feedback provides young innovators an opportunity to give their bosses clear feedback on a less than conducive environment. A system to clearly map individual competences and provide consistent timely feedback, can result in providing appropriate training when required.

Providing Challenging Jobs

In the past, traditional, Indian managements maintained a shroud of secrecy regarding the company’s achievements, particularly its financial performance. Today it is well established that informed participants are better than unwilling victims sacrificed for the company’s profits. Sharing knowledge and profits have gone a long way in achieving better performance. Many companies have introduced performance based incentives as a key component of their salaries.