Case Analysis Objective: To study the innovation in 10 companies Mode of Research: 1. 2. 3. 4.

Data and Information collection through Web(Desk Research) Company visit/ Factory visit Interaction/Interview with company professionals Analysis and Report

Innovation Areas: 1. Innovation in manufacturing process( L&T) 2. Innovation in Services- Customer Experience- Tata Motors 3. Innovation in HR policies- Compensation and Benefits( Infosys) 4. Innovation in Employee engagement Programs- AccNet( E&Y) 5. Innovation in Process( Cheese processing in Goverdhan Milk Products) 6. Innovation in Marketing 7. Innovation in outdoor advertising 8. Innovation in supply chain management 9. Innovation in pharmaceutical Industry 10. Innovation in Companies a. Mahindra b. Bajaj Auto Focused Areas: 1. 2. 3. 4. 5. Innovation in Manufacturing process(Mahindra, Bajaj) Innovation in Marketing- advertising, brand building, customer surveys etc. Innovation in HR policies(Infosys) Innovation in Customer Services Innovation in Employee Engagement Programs(Example E&Y)

Introduction: In today's knowledge-driven economy, innovation is the prime driver of progress. India's ability to generate wealth and create social good will come to naught unless we monetize innovative ideas by unshackling entrepreneurship. For innovation to flourish, we need to fund ideas to take them to market. Without capital, even the most transformative ideas can die before they take wing. Amazon, Facebook, Google, Apple and most other global consumer Internet leaders today are product driven companies. Product is their core strength. They are (usually) good at sales too, but thats not where they differentiate. They are simply outstanding at building products, and consumers self-discover their products/services and stick with them. Focused Innovation Areas: As mentioned we are focusing on five different sectors for understanding their innovation ideas. 1. Innovation in Manufacturing Process: In todays globalized world Manufacturing has increasingly focused upon high value, low-volume products and processes to remain competitive. In the future, the market will increasingly demand highly "flexible" manufacturing capability processes with short cycle times and the ability to rapidly and efficiently reconfigure them to accommodate new "customised" products. Maintaining productivity and reliability, whilst allowing flexibility and adaptability, is a major technological challenge. The application of concepts such as Six Sigma and Lean manufacturing has also had a significant impact on manufacturing processes. Both have an emphasis on improving processes, eliminating the waste chain and helping to create more robust products and processes. Lean manufacturing is an initiative designed to reduce wastage and non-value added activities such as over-production, waiting time and over-processing. The desired relationships between manufacturing and innovation can be broadly classified into four categories Pure product innovation. (high modularity, high maturity) Here, the value of tightly integrating product innovation with manufacturing is low, and the opportunities for improving processes are few. Examples: Desktop computers, consumer electronics, active pharmaceutical ingredients, commodity semiconductors. Pure process innovation. (high modularity, low maturity) Here, process technology is ripe for improvements and advancing rapidly but isnt intimately connected to product innovation. Because sufficient design rules have been established, neither vertical integration nor locating R&D near manufacturing is critical, and it makes sense for specialized contract manufacturers to provide custom production to firms that focus on design. Examples: Advanced semiconductors, high-density flexible circuits. Process-embedded innovation. (Low modularity, high maturity) In this quadrant process technologies, while mature, are highly integral to the product-innovation process. Small changes in the process can alter the characteristics and quality of the product in unpredictable ways. Product innovation is incremental and comes from tweaking the

process. The value of keeping R&D and manufacturing organizationally integrated and geographically close is high. Examples: Craft products, high-end wine, high-end apparel, heat-treated metal fabrication, advanced materials fabrication, specialty chemicals. 2. Innovation in Marketing: Marketers in many areas know that innovation through new product development is vital to remain competitive. But product development is not only the focused area. Innovation can affect almost in each areas of Marketing a. Market Research: Creates new ways to conduct research including more sophisticated methods for monitoring and tracking customer behaviour and analysing data. b. Target Market: Allows for extreme target marketing where marketing-to-person is replacing mass marketing. For Example customer service, technology makes it easier to manage relationships and allows for rapid response to customers need. c. Product: Creates new digital products/services. Incorporation of innovation into existing product/service enhances value by offering improved quality, features & reliability at a lower price. d. Promotion: New techniques allow better matching of promotion to customer activity and individualized promotion makes it easier for sellers to offer product suggestions and promotional tie-ins. e. Distribution: Creates new channels for distribution and transaction (e.g., electronic commerce) that include making it easier for buyers to place orders. Allows more control over inventory management and closer monitoring of product shipment. f. Price: Enables the use of dynamic pricing methods 3. Innovation in HR Policies: Compensation and Benefits Training and Recruitment Anti Sexual Harassment Policy 4. Innovation in Customer Services: Approach involved the following Listen to customers talk about requirements as well as concerns, successes and failures. Visit stores to get a sense of the selling environment, competitive offerings and consumer demographics. Analyse sales histories to pinpoint consumer preferences. Translate trends into product features relevant to the consumer. Share product and costing needs with technical, sourcing and manufacturing teams. Monitor sales and react quickly to customer needs, both anticipated and unexpected. Thus to win and keep business, collaborate with customers to deliver what the consumer wants and the retailer needs. 5. Innovation in Employee Engagement Programs: Proper campaign design (targeted- vs. broad-spectrum) and building awareness are crucial to the success of any innovation program. The two most common methods are reward and recognition. While often used interchangeably, they are really two different practices each with its own benefits.

Rewards: Rewardsboth financial and non-financialcan play an important part in an innovation initiative. For internal-facing challenges, financial rewards can become problematic, both considering logistics of global application and the ability to sustain motivation overtime. Some issues include:

Employees may consider financial rewards an entitlement, and continue to expect them in the future. Cash incentives may not translate appropriately to different countries with differences in pay and cost of living. Legal implications as the challenge and rewards may constitute a contest or gift, and need to be reported and taxed accordingly. Financial rewards may not be sustainable for long-term or large-scale campaigns, as well as for smaller companies or departments with limited budgets.

Non-financial and non-material rewards, however, are great ways to motivate your employees while incentivizing being part of a larger team and collaborating for the improvement of the company as a whole. Recognition: Recognizing employees for their contributions can provide much more than just a psychological benefit. Managers can recognize employees in a variety of ways:

Employee of the month plaque or featured on the company website or internal intranet, or campaign homepage Email newsletters or company blogs Department leaderboards that highlight the top performers and create friendly competition Public acknowledgment during meetings or other events A personal note to say thank you

While these are all virtually without cost, they are essential to building trust between employees and managers, and can encouraging your employees to achieve more and continue to think outside the box. Approach: Identify Innovation Impact of Innovation Cost of that innovation Future cost of Innovation Submitted By: Sudhir Choudhary Surajit Bhattacharya