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Innovation holds key to growth

Innovation today is a fact of life and has to be ingrained into the very DNA of a company, said experts at the 36th Annual Conference  'Evolution Through Innovation' by the Institute of Chartered Accountants of India - Dubai Chapter.
"It is no secret that any organisation, that is doing business today in exactly the same way that it was doing business five years ago, is likely to have productivity and profitability problems," said Naveen Sharma, chairman of the ICAI Dubai Chapter. "Every facet of our personal and professional lives, need to be constantly adjusted, to take into account the almost daily changes in knowledge, technology, and communications occurring around the world, which impact how we live and work. Innovation is no longer an option; it has become a fact of life."
Sharma further noted that the future is going to be very different than the past. "Blockchain, hyperloop, cryptocurrency, artificial intelligence, and driverless cars are going to change the way we live our life; we should adopt innovative approaches in our day to day life so that we are relevant in this fast changing world."
Similarly, Naresh Manchanda, partner - UAE at Mayur Batra Group, said that the latest technologies today require a fresh perspective; which is why it is important to attract and retain the right talent. Another issue that needs to be addressed today, he said, is compliance. 
"Before, there wasn't a lot of focus on this issue, but today, you need to understand that innovation moves in alliance with compliance," he said. "Many people need to understand that you need to have a compliant structure within your organisation. New innovations in technology are going to have a major impact on the way many companies do their business. There is a big need for us to identify and then understand the role that new technology will play in the coming years."  He added: "In addition, what is very important today is to understand that it is the responsibility of everyone in an organisation to be up to date with the latest technological innovations. We live in a global world and information doesn't stick to one geography."
Professor Anil K. Gupta, founder of Honey Bee Network, revealed that 30 years ago, no one was talking about innovation. "It was a word from another planet, but it occurred to us that in a word that was rapidly changing there were two factors that needed to be considered. The first was open innovation; knowledge needed to be shared openly so that people can use them like building blocks," he said.
The second factor revolved around the creation of knowledge networks, he explained. "It was apparent that as knowledge grows, it is highly unlikely that any one person or company will have all the necessary expertise in one place. There is so much specialisation going on today that you need to network with different centres of excellence."
Gupta pointed out the fact that the majority of Fortune 500 companies file a very small amount of patents. Instead, it is SMEs that are aggressively patenting new technologies that they are working on. "What happens is that larger organsations end up acquiring these smaller companies as a way of bringing in that innovation into their departments."
In addition, he revealed that in today's landscape collaborations are the order of the day. "We are entering an age of collaborative advantage. The future to me in three words would revolve around creativity, compassion, and collaboration."  - rohma@khaleejtimes.com