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VOL 21.15: Innovation-a key to human progress
Quality Tools/Concepts   »  
(September 24, 2020)
     

The human mind is a sea of thought, and ideas. The progress of mankind over the ages can be traced to ideas that formed in remarkable minds. These ideas, or landmark innovations – and inventions – have changed the course of history, and of business, industry and economy.

From an organisational perspective, though, ideas are cheap, easy and quick to form. Action is not. Action requires two critical resources – time and money. Successful organisations are those that sift through hundreds of ideas, pick the right ones, develop them into products with clear go-to-market strategies, and then leverage the innovations for revenue and profit growth.

As consumers, we admire innovative products. But great new products don’t just happen. They are brought about by innovative people, using innovative processes, through innovative business models. Successful organisations are also those that recognise this cycle, and lay equal emphasis on each aspect.

 

 

 

 

Sponsored by: D. L. Shah Trust

Edited by: Mr Hari K Taneja, Trustee, D. L. Shah Trust

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