Innovation

The Economic Application of a new Idea !!!

Innovation

Product Innovation

New Or Modified Product

Process Innovation

New or Modified Way of Making product

Cost & Competition

May companies constantly strive to increase efficiency, implement best practices and deliver increased shareholder value.

They seek to improve cash flow through efficiencies of scale and cost reduction. But there are limits to cost savings.

In a global economy, your competitors in a low cost country can beat you at your own game.

Radical Innovation

Imagination and implementation of entirely new business models could deliver benefits that customer wants.

In vanguard organisations individuals and teams conceive changes in technology, process, fashion, competition that might completely replace their current business model.

They develop scenarios that are imaginative but possible.

The more innovative you are higher is your pricing power.

Innovative Organisation

To build innovative organization one needs to have

Vision

Culture

&

Process Of Innovation

Innovation

Innovation may be classified into two categories

Incremental

Radical

Incremental Innovation

These are improvements to current products, methods, processes, services, partnership and so on.
Customer complaints and suggestions are a good source of ideas, for incremental improvements. So are the people in the organization.
Most organisations are good at incremental innovations. They make things better.

“Businesses are good at getting better but poor at getting different”

--- Gary Hamel

Understanding Structure Property Relationship in Polymer Materials.

Understanding Structure Property Relationship in Polymer Materials.

Radical Innovation

Very often the best way to test idea is not to analyse it but to try it.

It is necessary to build prototypes to test new products based on radical innovative ideas and test them at the place.

WPC Plywood Replacement.

Innovative Products From Polymer Materials

An Example of Rotational Molded PE Tank as underground structure

Innovation in Lifestyle Products & Packaging Concepts

Future…

Successful organizations plan for innovation and allocate resources to it.
Creativity and Innovation involve exploring many radical and unorthodox ideas, deliberately deviating from existing standards and controls, experimenting with prototypes and devoting resources to projects which are also likely to fail.

Organisations need a constant stream of new ideas if they are to create exciting and prosperous future.

Market Niche

If marketing is the function that places new products at the market place, then a market niche is possible as a result of smart marketing.

A mutually beneficial relationship between a customer with specialized needs and a supplier with high value product/technology/service package is possible.

Market niche will be found only by those suppliers that know which customers have such specialized needs. This basic requirement for niche marketing has always existed and always will exist, irrespective of technology used to make the polymer.