I N N O V A T I O N
Innovation generally refers to renewing, changing or creating more effective processes, products or ways of doing things.
For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services. Innovation can be a catalyst for the growth and success of your business, and help you adapt and grow in the marketplace.
Being innovative does not mean inventing in which innovation can mean changing our business model and adapting to changes in our environment to deliver better products or services. Successful innovation should be an in-built part of our business strategy and the strategic vision where you create an environment and lead in innovative thinking and creative problem solving.
Why Malaysia has to be innovative to compete globally?
The first reason is for survival. Staying on the cutting edge of the industry requires big thinking and willingness to think differently. Before your ideas can become a strategic imperative you must transform how you think. By thinking beyond the normal parameters, something new can be produce. Example, Porsche had produced its first hybrid car in the early 1900’s but Honda from Japan had innovate their product and commercialized their first hybrid car all over the world in order to show they have advanced technology and be different in automobile industry. This innovation not only save the fuel cost for the user but give benefit to the environment as it do not produced much smoke. Meanwhile in Malaysia’s automobile industry, Proton had unveiled in Geneva its first hybrid car EMAS, the EMAS Country and the EMAS3. For non-Malaysians reading this site, EMAS basically means gold in Malay, but in this context it also stands for ‘Eco Mobility Advance Solution’. The cars were unveiled at Italdesign Giugiaro’s booth by our ex-PM Tun Dr. Mahathir Mohamad, who so happens to also be Proton’s advisor. Not in vain efforts Tun Dr. Mahathir founded a national car manufacturer once. This caused the development of industries that are generated by proton impressive. Inventions and innovations from time to time, shows how vehicle manufacturers and national maturity. As a Malaysian I am proud-minded statesman who has an innovative leader like him.
The first Porsche hybrid
Honda Insight (hybrid)
Proton EMAS hybrid
The next reason is for crowd-sourcing. Crowd-sourcing is a process that involves outsourcing tasks to a distributed group of people. Crowd-sourcing is different from an ordinary outsourcing since it is a task or problem that is outsources to an undefined public rather than a specific body. This crowd-sourcing can develop a strategy to tap into the collective creativity and intelligence of the market. A good example is when Pepsi decided to skip the super bowl in favor social media campaign to promote their Pepsi Refresh initiative. Generating ideas from outside may stimulate company productivity and performance. Meanwhile in Malaysia, Petronas hired their expertise from abroad to study and do the R&D for their O&G industry because this expertise knows better.
The third reason is possibilities. Innovation allows people to step out from their comfort one and create an environment where ideas are generated and start a vision. Reason why Malaysia has to innovate is to find the possibilities to success with developing a new technology that in line with other countries.
The fourth reason is for economic growth. This is the most often cited reason for needing innovation. Industries are maturing. Products are maturing. Innovation is the creation and transformation of new knowledge into new products, processes or services that meet the market needs. As such innovation, creates new businesses and is the fundamental growth in business and industry.
Besides that, innovation is also for the progression of human well-being. This may be the least cited reason for the needing innovation but perhaps the most important result of achieving innovation. As given in time, innovation creates new business, new jobs and new personal income thereby provide the where-with-all for achieving the personal well-being of humans. Innovative products are essential to the progress of any society. The process of developing new products provide employment and economic well- being for those directly associated with them and for persons employed in supporting industries. Thus, when innovation processes are properly managed, an expanding variety of new products stream forth. These products respond to the changing need of a society whose welfare is constantly increasing.
The last reason is for continuous improvement. Innovation helps leaders to provide organizational sustainability as a result of continuous improvement, rebranding, and repacking. A good manager recognizes the need to be innovative and develops the business skills to increase the creativity. Besides that, innovative qualities are a must for today’s business and growth is achievable by learning how to be creative such as when benchmarking to find new niches. Learning this business skill opens opportunities and provides the potential for new markets.