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<section class="container article-section status_prime_article single-post currentlyInViewport inViewPort" id="news_dtl_110366927" data-article="200" page-title="Enterprises should prioritize investment in innovation" data-href="https://cio.economictimes.indiatimes.com/news/strategy-and-management/enterprises-should-prioritize-investment-in-innovation/110366927" data-msid="110366927" data-news="{"link":"/news/strategy-and-management/enterprises-should-prioritize-investment-in-innovation/110366927","seolocation":"/news/strategy-and-management/enterprises-should-prioritize-investment-in-innovation/110366927","seolocationalt":"/news/strategy-and-management/enterprises-should-prioritize-investment-in-innovation/110366927","seometatitle":false,"seo_meta_description":"An interesting finding at the ETCIO Annual Conclave 2024 is that investing in innovative strategies not only promises tangible returns but also offers intangible benefits that prepare companies for future challenges.","canonical_url":false,"url_seo":"/news/strategy-and-management/enterprises-should-prioritize-investment-in-innovation/110366927","category_name":"Strategy and Management","category_link":"/news/strategy-and-management","category_name_seo":"strategy-and-management","updated_at":"2024-05-23 17:40:10","artexpdate":false,"agency_name":"ETCIO","agency_link":"/agency/88675627/ETCIO","read_duration":"2 min","no_index_no_follow":false,"keywords":[{"id":6376900,"name":"etcio annual conclave","type":"General","weightage":20,"keywordseo":"etcio-annual-conclave","botkeyword":false,"source":"Orion","link":"/tag/etcio+annual+conclave"},{"id":21778320,"name":"etcio annual conclave 2024","type":"General","weightage":20,"keywordseo":"etcio-annual-conclave-2024","botkeyword":false,"source":"Orion","link":"/tag/etcio+annual+conclave+2024"},{"id":21778321,"name":"investment in innovation","type":"General","weightage":20,"keywordseo":"investment-in-innovation","botkeyword":false,"source":"keywords","link":"/tag/investment+in+innovation"},{"id":21778322,"name":"strategic innovation","type":"General","weightage":20,"keywordseo":"strategic-innovation","botkeyword":false,"source":"keywords","link":"/tag/strategic+innovation"},{"id":20431107,"name":"new technologies","type":"General","weightage":20,"keywordseo":"new-technologies","botkeyword":false,"source":"keywords","link":"/tag/new+technologies"},{"id":19959625,"name":"business models","type":"General","weightage":20,"keywordseo":"business-models","botkeyword":false,"source":"keywords","link":"/tag/business+models"},{"id":20181895,"name":"digital technologies","type":"General","weightage":20,"keywordseo":"digital-technologies","botkeyword":false,"source":"keywords","link":"/tag/digital+technologies"},{"id":19967678,"name":"AI/ML","type":"General","weightage":20,"keywordseo":"AI/ML","botkeyword":false,"source":"keywords","link":"/tag/ai/ml"},{"id":21777184,"name":"etcio conclave 2024","type":"General","weightage":20,"keywordseo":"etcio-conclave-2024","botkeyword":false,"source":"Orion","link":"/tag/etcio+conclave+2024"}],"read_industry_leader_count":false,"read_industry_leaders":false,"embeds":[{"title":"ETCIO Annual Conclave 2024","type":"image","caption":"<p>ETCIO Annual Conclave 2024</p>","elements":[]}],"thumb_big":"https://etimg.etb2bimg.com/thumb/msid-110366927,imgsize-1559484,width-1200,height=765,overlay-etcio/strategy-and-management/enterprises-should-prioritize-investment-in-innovation.jpg","thumb_small":"https://etimg.etb2bimg.com/thumb/img-size-1559484/110366927.cms?width=150&height=112","time":"2024-05-23 17:35:44","is_live":false,"prime_id":200,"highlights":[],"highlights_html":"","also_read_available":false,"body":"
Innovation is not just a buzzword; it’s a necessity. As corporate boards increasingly demand new business models and as competition intensifies, companies must prioritize investment in innovation to stay ahead in the growth game.
Crafting a strategy for innovation
“The first stage for supporting innovation is creating the right opportunities,” said P Pravimal Abhishek, IAS, MD of the Goa Industrial Development Corporation, at the ETCIO Annual Conclave held in Goa on Thursday . He was speaking at a panel discussion on, Building Innovation: Business case for emerging technologies.
With a robust track record that includes implementing the “Medicines in the Sky” project—delivering medicines via drones to remote areas in Arunachal Pradesh— Abhishek emphasizes the crucial role of government in fostering innovation.
“We are also trying to create a regulatory sandbox and give industry status to IT/IT-enabled services,” he adds, highlighting the government’s risk-taking capabilities.
For enterprises, assessing startups and their potential before committing is vital. “Startups must be financially feasible and have a proof-of-concept. We need to be receptive to companies innovating in newer and advanced technologies,” Abhishek advises.
Investing in new technologies
“New technologies—whether it’s intelligent automation, AI/ML—have immense potential to enhance services,” notes Ratan Kesh, ED and COO of Bandhan Bank. The BFSI sector, in particular, has seen significant maturity in utilizing these technologies for fraud detection and cybersecurity.
“To derive maximum value, digital should be at the core, and AI should be implemented end-to-end,” Kesh recommends, underscoring the importance of a comprehensive approach to technology adoption for improved ROI.
At Ceat Limited, CIO Umacharan Singh acknowledges past failures in adopting new technologies due to dependencies on external agents, user resistance, and high costs. However, the company has since gained clarity and is now focused on adopting and experimenting with new technologies to enhance organizational efficiency.
“We’ve been proactive, creating internal teams trained on specific technologies to drive adoption and innovation. Currently, we are undertaking pilots in GenAI, digital twins, and advanced analytics,” Singh says.
Being future-ready
“Innovation is not an option today,” asserts Aveekshith Bushan, Vice President, APJ at Aerospike. “Organizations and individuals need to be ready. Companies like Aerospike, which help evolve and remain agile, are crucial.”
Suresh Nambiar, ED (IS) at Indian Oil Corporation Limited, provides a perspective on large enterprises: “When we talk about ROI, it’s both tangible and intangible, focusing on key performance indicators. Yield optimization must account for maintenance costs. With digital tech, we’ve collected OT data and reduced the cost between OT/IT.”
The C-Suite’s role
Ultimately, innovation must be championed aggressively by the C-suite, with a clear focus on ROI and a well-defined understanding of its business benefits. As industries continue to evolve, the integration of cutting-edge technologies and strategic innovation will determine which companies lead and which ones lag.
By fostering a culture of innovation, leveraging government support, and making strategic investments in new technologies, enterprises can navigate the complexities of the modern market and achieve sustained growth.
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An interesting finding at the ETCIO Annual Conclave 2024 is that investing in innovative strategies not only promises tangible returns but also offers intangible benefits that prepare companies for future challenges.
ETCIO Annual Conclave 2024
“>
Innovation is not just a buzzword; it’s a necessity. As corporate boards increasingly demand new business models and as competition intensifies, companies must prioritize investment in innovation to stay ahead in the growth game.
Crafting a strategy for innovation
“The first stage for supporting innovation is creating the right opportunities,” said P Pravimal Abhishek, IAS, MD of the Goa Industrial Development Corporation, at the ETCIO Annual Conclave held in Goa on Thursday . He was speaking at a panel discussion on, Building Innovation: Business case for emerging technologies.
With a robust track record that includes implementing the “Medicines in the Sky” project—delivering medicines via drones to remote areas in Arunachal Pradesh— Abhishek emphasizes the crucial role of government in fostering innovation.
“We are also trying to create a regulatory sandbox and give industry status to IT/IT-enabled services,” he adds, highlighting the government’s risk-taking capabilities.
For enterprises, assessing startups and their potential before committing is vital. “Startups must be financially feasible and have a proof-of-concept. We need to be receptive to companies innovating in newer and advanced technologies,” Abhishek advises.
Investing in new technologies
“New technologies—whether it’s intelligent automation, AI/ML—have immense potential to enhance services,” notes Ratan Kesh, ED and COO of Bandhan Bank. The BFSI sector, in particular, has seen significant maturity in utilizing these technologies for fraud detection and cybersecurity.
“To derive maximum value, digital should be at the core, and AI should be implemented end-to-end,” Kesh recommends, underscoring the importance of a comprehensive approach to technology adoption for improved ROI.
At Ceat Limited, CIO Umacharan Singh acknowledges past failures in adopting new technologies due to dependencies on external agents, user resistance, and high costs. However, the company has since gained clarity and is now focused on adopting and experimenting with new technologies to enhance organizational efficiency.
“We’ve been proactive, creating internal teams trained on specific technologies to drive adoption and innovation. Currently, we are undertaking pilots in GenAI, digital twins, and advanced analytics,” Singh says.
Being future-ready
“Innovation is not an option today,” asserts Aveekshith Bushan, Vice President, APJ at Aerospike. “Organizations and individuals need to be ready. Companies like Aerospike, which help evolve and remain agile, are crucial.”
Suresh Nambiar, ED (IS) at Indian Oil Corporation Limited, provides a perspective on large enterprises: “When we talk about ROI, it’s both tangible and intangible, focusing on key performance indicators. Yield optimization must account for maintenance costs. With digital tech, we’ve collected OT data and reduced the cost between OT/IT.”
The C-Suite’s role
Ultimately, innovation must be championed aggressively by the C-suite, with a clear focus on ROI and a well-defined understanding of its business benefits. As industries continue to evolve, the integration of cutting-edge technologies and strategic innovation will determine which companies lead and which ones lag.
By fostering a culture of innovation, leveraging government support, and making strategic investments in new technologies, enterprises can navigate the complexities of the modern market and achieve sustained growth.
<span id="etb2b-news-detail-page" class="etb2b-module-ETB2BNewsDetailPage" data-news-id="110366927" data-news="{"link":"/news/strategy-and-management/enterprises-should-prioritize-investment-in-innovation/110366927","seolocation":"/news/strategy-and-management/enterprises-should-prioritize-investment-in-innovation/110366927","seolocationalt":"/news/strategy-and-management/enterprises-should-prioritize-investment-in-innovation/110366927","seometatitle":false,"seo_meta_description":"An interesting finding at the ETCIO Annual Conclave 2024 is that investing in innovative strategies not only promises tangible returns but also offers intangible benefits that prepare companies for future challenges.","canonical_url":false,"url_seo":"/news/strategy-and-management/enterprises-should-prioritize-investment-in-innovation/110366927","category_name":"Strategy and Management","category_link":"/news/strategy-and-management","category_name_seo":"strategy-and-management","updated_at":"2024-05-23 17:40:10","artexpdate":false,"agency_name":"ETCIO","agency_link":"/agency/88675627/ETCIO","read_duration":"2 min","no_index_no_follow":false,"keywords":[{"id":6376900,"name":"etcio annual conclave","type":"General","weightage":20,"keywordseo":"etcio-annual-conclave","botkeyword":false,"source":"Orion","link":"/tag/etcio+annual+conclave"},{"id":21778320,"name":"etcio annual conclave 2024","type":"General","weightage":20,"keywordseo":"etcio-annual-conclave-2024","botkeyword":false,"source":"Orion","link":"/tag/etcio+annual+conclave+2024"},{"id":21778321,"name":"investment in innovation","type":"General","weightage":20,"keywordseo":"investment-in-innovation","botkeyword":false,"source":"keywords","link":"/tag/investment+in+innovation"},{"id":21778322,"name":"strategic innovation","type":"General","weightage":20,"keywordseo":"strategic-innovation","botkeyword":false,"source":"keywords","link":"/tag/strategic+innovation"},{"id":20431107,"name":"new technologies","type":"General","weightage":20,"keywordseo":"new-technologies","botkeyword":false,"source":"keywords","link":"/tag/new+technologies"},{"id":19959625,"name":"business models","type":"General","weightage":20,"keywordseo":"business-models","botkeyword":false,"source":"keywords","link":"/tag/business+models"},{"id":20181895,"name":"digital technologies","type":"General","weightage":20,"keywordseo":"digital-technologies","botkeyword":false,"source":"keywords","link":"/tag/digital+technologies"},{"id":19967678,"name":"AI/ML","type":"General","weightage":20,"keywordseo":"AI/ML","botkeyword":false,"source":"keywords","link":"/tag/ai/ml"},{"id":21777184,"name":"etcio conclave 2024","type":"General","weightage":20,"keywordseo":"etcio-conclave-2024","botkeyword":false,"source":"Orion","link":"/tag/etcio+conclave+2024"}],"read_industry_leader_count":false,"read_industry_leaders":false,"embeds":[{"title":"ETCIO Annual Conclave 2024","type":"image","caption":"<p>ETCIO Annual Conclave 2024</p>","elements":[]}],"thumb_big":"https://etimg.etb2bimg.com/thumb/msid-110366927,imgsize-1559484,width-1200,height=765,overlay-etcio/strategy-and-management/enterprises-should-prioritize-investment-in-innovation.jpg","thumb_small":"https://etimg.etb2bimg.com/thumb/img-size-1559484/110366927.cms?width=150&height=112","time":"2024-05-23 17:35:44","is_live":false,"prime_id":200,"highlights":[],"highlights_html":"","also_read_available":false,"body":"
Innovation is not just a buzzword; it’s a necessity. As corporate boards increasingly demand new business models and as competition intensifies, companies must prioritize investment in innovation to stay ahead in the growth game.
Crafting a strategy for innovation
“The first stage for supporting innovation is creating the right opportunities,” said P Pravimal Abhishek, IAS, MD of the Goa Industrial Development Corporation, at the ETCIO Annual Conclave held in Goa on Thursday . He was speaking at a panel discussion on, Building Innovation: Business case for emerging technologies.
With a robust track record that includes implementing the “Medicines in the Sky” project—delivering medicines via drones to remote areas in Arunachal Pradesh— Abhishek emphasizes the crucial role of government in fostering innovation.
“We are also trying to create a regulatory sandbox and give industry status to IT/IT-enabled services,” he adds, highlighting the government’s risk-taking capabilities.
For enterprises, assessing startups and their potential before committing is vital. “Startups must be financially feasible and have a proof-of-concept. We need to be receptive to companies innovating in newer and advanced technologies,” Abhishek advises.
Investing in new technologies
“New technologies—whether it’s intelligent automation, AI/ML—have immense potential to enhance services,” notes Ratan Kesh, ED and COO of Bandhan Bank. The BFSI sector, in particular, has seen significant maturity in utilizing these technologies for fraud detection and cybersecurity.
“To derive maximum value, digital should be at the core, and AI should be implemented end-to-end,” Kesh recommends, underscoring the importance of a comprehensive approach to technology adoption for improved ROI.
At Ceat Limited, CIO Umacharan Singh acknowledges past failures in adopting new technologies due to dependencies on external agents, user resistance, and high costs. However, the company has since gained clarity and is now focused on adopting and experimenting with new technologies to enhance organizational efficiency.
“We’ve been proactive, creating internal teams trained on specific technologies to drive adoption and innovation. Currently, we are undertaking pilots in GenAI, digital twins, and advanced analytics,” Singh says.
Being future-ready
“Innovation is not an option today,” asserts Aveekshith Bushan, Vice President, APJ at Aerospike. “Organizations and individuals need to be ready. Companies like Aerospike, which help evolve and remain agile, are crucial.”
Suresh Nambiar, ED (IS) at Indian Oil Corporation Limited, provides a perspective on large enterprises: “When we talk about ROI, it’s both tangible and intangible, focusing on key performance indicators. Yield optimization must account for maintenance costs. With digital tech, we’ve collected OT data and reduced the cost between OT/IT.”
The C-Suite’s role
Ultimately, innovation must be championed aggressively by the C-suite, with a clear focus on ROI and a well-defined understanding of its business benefits. As industries continue to evolve, the integration of cutting-edge technologies and strategic innovation will determine which companies lead and which ones lag.
By fostering a culture of innovation, leveraging government support, and making strategic investments in new technologies, enterprises can navigate the complexities of the modern market and achieve sustained growth.
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