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By GH Rao, President, Engineering Services, HCL
As the global economy shifts from more traditional business models to newer innovative ones, growing in complexities and spreading across geographies, executives across all industries face increasing pressures in this challenging environment. Chief Experience Officers (CXOs) need to catch up with business priorities, balance innovation with productivity and sustain high levels of top-line growth. The most pressing concern is to accelerate time-to-market while continuously innovating and keeping an eye on cost-efficiency. CXOs must play the difficult role of being the next generation catalyst helping businesses adapt to this accelerating pace of change.“It is critical to channelize and optimize business processes by adopting a collaborative approach and crowd sourcing to solve critical business problems and gain a competitive edge” The need to innovate requires significant development costs that can easily outstrip the benefits generated by sales. The R&D productivity of companies is leveling off and the advent of disruptive technologies is putting enormous pressure on the R&D budgets of even the most aggressive engineering spenders. Instead of shouldering all the risks and investments internally, enterprises are looking at an entirely new approach to innovation that is likely to involve a fraction of costs with a shared risk model. In their competition for market share, companies realize that they can’t solely rely on the internal R&D efforts to drive the kind of growth desired. Collaborative innovation is the key to sustaining high levels of top-line growth. While it is imperative to capitalize on changing trends and emerging opportunities, it is also critical to channelize and optimize business processes by adopting a collaborative approach and crowd sourcing to solve critical business problems and gain a competitive edge. Companies are reshuffling their internal capabilities by partnering with various suppliers to leverage their expertise and pursue value-driven growth. Vendors typically assist in integration and customization of services, and their roles in optimizing customers ‘innovation portfolios will only increase in importance in the years to come.