National Innovation Day | February 16, 2023
“A confluence of changing market dynamics, tightening regulatory pressures, and evolving customer preferences are shaping entirely new ways of doing business. New business models and experimentation with emerging technologies are delivering decisive advances in customer experience, operational efficiency, and a competitive edge. The overall objective: become a nimbler, lean, customer-centric, and resilient organization.
These massive shifts impose a new way of thinking when it comes to running organizations that focus on delivering business outcomes—an approach that is focused on shorter time to market, iterative processes, and value creation.
As the underlying technologies evolve further, bringing new value to business and customers, organizations need to embrace an innovative mindset and create a culture that promotes unconstrained thinking, embraces change, experimentation, and continual learning and improvement. By doing so, they can stay relevant, pursue new heights of rapid innovation and improved performance, and respond to market demands with agility and dexterity.”
By Chander Damodaran, MD & CTO, Brillio
“The pandemic has redefined how businesses operate and has made it increasingly clear that innovation is the key to future success. Companies that constantly innovate with evolving technologies and push the boundaries will emerge successful in the long run.
We have seen many examples of how innovation has helped businesses in the last two to three years. In a hybrid world, applications that have been leveraging live interactions are growing significantly as they keep people socially connected along with meeting business needs. From live streaming to broadcasting, to video chat and beyond, real-time engagement technology is bringing new services and communication capabilities to the masses in unprecedented ways. In fact, it has reached incredible prevalence in all industries as consumers demand the ability to connect with others as well as with applications in novel ways.
Today we can see innovations like the metaverse and OpenAI redefining business operations. The ability to integrate real-time engagement is a game changer. Digital worlds have the power to simulate real-world environments and even exceed the limits of reality to improve lives in multiple ways. Real-time engagement technology will enable connectivity between the metaverses, creating an even more connected and engaging experience for users. RTE will also lower barriers to participation by making access to the metaverse as simple as using a web browser. These are some interesting innovations we can look forward to in the coming years.”
By Ranga Jagannath, Senior Director, Agora
“I entered the innovation journey late, and almost by accident. I had to stand in for a colleague at the last moment to facilitate an ideation session. I ended up not just facilitating, but eventually also bagging my first two patents. I wish I had found this wonderful ecosystem, as I discovered in Wells Fargo, earlier in life. All you need most times is the first opportunity; “from tiny seeds grow mighty trees”. After that, it’s just perseverance, as a patent life cycle can take years.
According to World Intellectual Property Indicators 2022, women contribute just 16.50 % to innovation. Apart from other socio-economic reasons, it might also be that we sometimes self-sabotage our opportunities through self-doubt. We might fail in our own minds even before we begin. We might try to be risk-averse and try to follow repeatable successful patterns to avoid failure. But remember that innovation is an unexplored journey leading to a wonderful destination. Don’t just relate it to patents or productionized software. A very beautiful example in my life was when I helped bootstrap a volunteer-led coding initiative that now benefits ~8000 girl students from government schools in two states. As a society, we need to understand that with fewer women in STEM, still fewer in technology, and far fewer in research, we have a problem of a “leaky pipeline”. And hence those who get there will need to pave the path for others. Organizations too can help by creating structured mentorship programs. I am part of this change in Wells Fargo, enabling and helping provide an ecosystem for women through mentorship and peer support, as well as initiatives that tap early potential – for example, harnessing the potential in women employees through a Women in Technology group, and helping drive an early impact program for campus hires.”
– By Parul Ghosh, Vice President and Head of Engineering Enablement for Consumer Technology, Wells Fargo India & Philippines
“The last decade of digitalization initiatives in Bharat has brought about incredible access to the internet and smartphones, enabling a maximum number of people to connect, communicate, and collaborate in ways that were once unimaginable. On this National Innovation Day, we celebrate the power of accessible technology to propel further growth and innovation in Bharat. As a leader in voice assistance technology, we believe that the power of technology is amplified by vernacular voice interfaces for apps. Voice tech in vernacular languages democratizes access to high-end technology for everyone, regardless of language or literacy. The majority of smartphone users in India are still not accustomed to using Ecommerce, mobile banking, and other empowering applications due to barriers like language and touch-led designs. Slang Labs is working at enabling these applications to become usable by billions of Indians with the help of a variety of innovations in voice and vernacular. With the current Indian government’s focus on tech-led growth, the techie for India’s exponential growth and all-around development is here, and voice assistance in vernacular languages is leading the way in revolutionizing how Indians interact with technology and contributing to the nation’s development.”
– By Kumar Rangarajan, CEO & Co-founder – Slang Labs (Bangalore)
“Innovation has been a driving force behind the phenomenal growth of the Indian IT sector. In today’s fast-paced, dynamic world, innovation is not just a nice-to-have but a necessity for businesses to remain agile and competitive in the global market. With a growing talent pool and an expanding technology ecosystem, the increased establishment of R&D centers has enabled companies to create innovative solutions and leverage next-gen technologies like low-code development platforms. At Pega, with our latest innovations like ‘sustainable low-code to minimize waste and ‘Voice AI,’ we are looking to integrate the capabilities of AI and low-code, enabling businesses to operate more efficiently and create new growth opportunities. Digital capabilities, next-gen technology, and engineering form the core of our operations, helping us to nurture innovative solutions at every point of interaction. Leaders must build an ecosystem that fosters innovation through consistent learning and collaboration, thereby accelerating the growth of today’s dynamic enterprises and preparing them for the future.
The Indian IT industry has always been at the forefront of innovative thinking and introducing new technologies and services that have revolutionized how we live and work. The onset of the pandemic has pushed us to be innovators and as the adoption of these technologies continues to grow, the future looks bright for the Indian IT industry.”
By Deepak Visweswaraiah, Vice President, Platform Engineering and Site Managing Director, Pegasystems
“Innovation has always been a key driver for the growth and success of highly dynamic business environments. Innovation, when coupled with the rapid pace of technological advances propels businesses to maximize business value and also guides them in staying relevant, and ahead of the competition. This helps them to leverage new opportunities, address new challenges, and ultimately drive growth and success. Companies that focus on innovation can also foster a culture of creativity within their organization, encouraging their employees to think outside the box and generate new ideas.
Axis Communications is well regarded as a pioneer in network video surveillance and our ecosystem allows us to nurture an innovative culture in becoming a future-ready organization by anticipating our customer needs and bringing in next-gen surveillance solutions directed to enhance efficiency across all sectors including smart cities and transportation management, among others. We are focused on providing value to customers through innovative solutions by constantly challenging the status quo and developing network-based products and solutions for security and associated areas. The capacity to provide our clients with the best ‘sight’ possible in all climates, places, and situations drives us to create innovative technologies that enables them to ‘see beyond’ the traditional vision. Leaders today must guide their workforce with a vision to nurture innovative thinking in order to harness the true potential of the next-gen technologies and build a future-ready enterprise.”
Sudhindra Holla, Director, India & SAARC, Axis Communications