Innovation management

Innovation is simply changing the current processes or products of the business. For any firm or

firm that is successful in the long run, innovation is a key factor.

We recently had a discussion with Mr. Anil Gupte to understand on the client needs and what

they expect by implementing an innovation. Anil is a seasoned IT professional who has founded

many companies and mentors a lot of entrepreneurs.

Based on the discussion, these are some of the issues that companies may encounter before

adopting any changes.

 What is the problem?

 Would it be beneficial for the company?

 In what ways does it provide value to the business?

 ROI on the innovation

 Cost aspects of implementing the innovation

EVERY PROBLEM IS AN OPPORTUNITY

Identifying and understanding the problem is the foundation stage for every innovation and

projects. Every problem provides an opportunity to improve your business. The key is to identify

what exactly is it.

(a case study if possible)

Benefits, ROI, Values

Other insights that we could gather from the session were on the benefits, ROI in innovation and

received values.
When you are implementing an innovation, it’s going to be a capital expenditure. Innovation is

an investment to your business. A careful analysis must be done to evaluate the outcomes of a

project. The key performance indicators that you must look for are:

 Increase in brand image

 Increase in revenue

 Increase in the customer satisfaction

When these criteria fit your expectations, it's time to move forward with the project. However,

some businesses may remain cautious about making any modifications. They may be content

with the current level of performance. However, the same issue that you are ignoring now could

harm your firm in the long term. If you're confident in the results, you shouldn't pass up the

chance that the current challenge offers.

Innovation itself can be used as value added benefit to the company. The “Global HR

Roundtable: Reengaging and Connecting in a Post-COVID World” hosted by Noveracion Global

was one such instance. However, the difficulty was to find a platform that was appropriate for

the event format while simultaneously providing quality and value. The event was to be held via

Zoom, but that could have turned into a standard webinar. That's when Noveracion decided to

hold the event on Airmeet. It brought the necessary professionalism for such an event, and most

significantly, delivered the intended value.

Conclusion

Identifying the difficulties and opportunities it presents, coming up with a solution, formulating an

action plan, carrying it out, and evaluating the results. These are the keys to a project's success.

It is not an easy task to bring about change. It necessitates in-depth research and a well-

thought-out strategy.

Innovation consultancy firms like Noveracion Global are specialized in these sectors. They offer

services such as innovation diagnosis, in which they test and develop the project's architecture
and platforms. In order to examine the project's viability, an innovation evaluation process is

also carried out. Then there is innovation surgery, in which the innovations are applied to actual

bottlenecks and impediments in the company, followed by innovation therapy, in which the

evaluation phase takes place.

Any company's long-term growth is dependent on its ability to innovate. Always be on the

lookout for opportunities to bring innovation to your company. If all the criteria are met, then you

should go for it.