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The world has seen a major shift in business practices in last two years. In the current turbulent environment, innovation has become imperative for any organization to have a sustainable growth. Companies are innovating not only for their own profit but also to create a sustainable future for the eco-system they are working on so that people at large can enjoy the best possible quality of life. Environmental, Social, and Governance are getting increasingly centre stage to identify material risks and growth opportunities. Innovative approach towards existing business processes is changing the way the industries were doing business. Innovative intelligent solutions are supporting businesses to pursue newer strategies to create a sustainable future growth for the organization and the society at large.
Continuous innovation efforts would help us to survive and improve the quality of life. History has taught us how major revolutionary waves in agriculture, electricity, industry, and information, have created new and improved values through innovation. The purpose of innovation has gone beyond creating greater customer value or better competitive advantage for industry to creating a better future with adequate financial resources.
The globalisation and technological advancements have resulted in fast changing market forces and with that the strategic focus of innovation has also evolved. The emphasis of innovation in industry has moved from “do right things in new ways” to “how to do right things with optimum cost”. The focus on quality management and improving the value chain efficiency like reduction of cost and waste has shifted to business process reengineering, decision support systems, enterprise systems, etc.
Newer ways of collaboration with value chain partners helps in going beyond just sourcing raw material or using distribution chain but it may bring in new ideas and insights helping novel and faster routes to market. Innovative approach for such collaboration helps the industry and its adjoining eco-system to become smarter and to grow fast sustainably.
Innovating business models and operational aspects have become a strategic priority for the industry as a whole with the emphasis on exploring to do new things. Virtual Reality, Drones, 3-D printing technology, DNA sequencing, quantum computing, etc evolved out of it. Eastern region states may look for explorative innovation to become the first mover in the unexploited market spaces. This would provide new values to the customers and would generate new profits. With the advent of the digital age, innovation has now expanded beyond the boundaries of organizations to global open innovation communities for co-innovation.
Against this backdrop CII Eastern Region is organizing the 7th edition of the conference on Innovation – “Innovation 2021: Innovate Towards a Sustainable Future” on 23 November 2021 on the CII Virtual Platform.
The thought leaders from industry, startups, innovators, representatives from academia would deliberate on the relevant topics to brainstorm the way forward.