Insights: Looking Outside Your Industry for Innovation
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Overview: Executives at most companies recognize that today's need for innovation is greater than ever, and tomorrow's will be higher still. Customers are better informed, more demanding, and more likely to take advantage of increased market transparency. They see alternatives everywhere; if another company provides a better solution or product, they will know it, and switch to it quickly.
Unfortunately, innovation does not happen on its own. Some of the world's most powerful and successful companies commit significant resources toward innovation, but gain only mixed results. Rather than struggling to continuously produce brilliant ideas, some companies are searching for best practices, processes, and technologies being used in other industries, and applying them in their own organizations. Discovering and implementing innovations that have already been proven to be effective elsewhere is faster, less expensive, and often more productive than developing them in house.
The attributes of innovation outside the industry—speed, reduced cost, proven effectiveness—are critical. Competition is more intense than ever, and it comes from surprising directions. Increasingly, companies that would have seemed unlikely candidates apply innovation to enter new markets and compete right away.
In this issue of Insights, Satyam's white paper series, Venky Rao, the leader of the organization’s innovation programs, highlights new sources of innovation that can be easily applied to gain competitive advantage. These focus on identifying and applying best practices and technology advancements companies can adopt from unexpected sources, namely, unrelated industries and organizations.