INNOVATION A need of the hour
Today the need to be different or to bring innovative products into the market is critical . If you don ’ t innovate you die , the mantra that many companies are beginning to realise . Although the stakes are high , but so are the rewards . Hence corporates are focusing on Ideation , Creation , and Innovation to become leaders of their industry . This helps in controlling the product ownership and flow . The difference in having your own unique products , is that not only India but the global markets open up to you .
A bulk of India ’ s toy exports comes from OEM manufacturing , For us to be able to compete with China , we need to control the product flow and not the other way around . China is a market leader not just because they have scaled up their manufacturing but also because they own the rights and IP of the products and for which companies around the world line up to buy .
Innovation can be broadly categorised into three :
1 ) Incremental Innovation / Sustaining Innovation : It is increasing the current value of the product by creating a better version of the previous one .
2 ) Disruptive Innovation / Radical Innovation : They bring in a product which changes the rule of the game , which require other companies to either adopt to the new variation or perish .
3 ) Reinventing old products : which were lost in time and to give it new dimension , catching the imagination or interest of customers .
The process of innovation is not as simple as it may seem . Being creative has to be imbibed in the companies DNA . It is a systematic process as one has to balance the capital cost needed , in this world of shorter product life cycles , making sure to manufacture and market in such a way so that it decreases the risk of introducing a new product . The problem in India is that we manufacturers get inspired by existing products without a creating a brand new one .
Kids India E-Magazine - September 2022 | Page 32