Companies either grow or disappear. That's why the growing concentration on innovation makes sense. Although fewer products can truly be called 'new,' redirecting or reimagining products can still mean giant advantages for businesses. BG Srinivas, president of Infosys, says his clients are regularly looking for ways to free up money for innovation. They're ready to go from surviving to thriving.
As Srinivas puts it, "In our conversations with clients, they are telling us that they are in a more positive state than they have been any time over the past two years. As a result, they are looking to innovation to grow their business. The focus is shifting from surviving to thriving. They consistently tell us that new ideas and innovation are important to their business success, and that innovation is activity encouraged from all areas of the business.
"We find that some of the most successful businesses are those that are looking to expand into new markets, as well as invest in new technologies to make their companies more streamlined and efficient.
"The biggest challenge of innovation is securing the funds for investment and demonstrating return on the expenditure. Companies are looking to make savings in the way in which they run their business and use some of this to invest in the transformational projects that drive growth.
This type of model requires a governance framework and a robust model for predicting a return on the investment in the new business and technology innovations that they deploy. This delicate balance is allowing businesses to both have their cake and eat it too: to grow and to control cost.
This explains why they are looking for innovation projects that can be deployed quickly and without major capital investments."
