Execution Is The Key To Innovation

TNN Aug 30, 2010, 12.05am IST

MUMBAI: A great idea, they say, is only as good as its potential to be successfully executed. In 1865, a company on the banks of the Nokianvirta river in Finland was associated with paper, rubber and cables. Today, the company is known for its global brand associated with the world of mobility. Nokia has evolved over the last century through innovation and transformation, which have been at the core of its DNA. A major reason for this is its ability to innovate in understanding consumer needs, developing futuristic concepts and to bring to life innovations.

"Innovation cannot be just a great thought or a great concept on paper unless it fully has the ability to be executed — so that its worth can be gauged and proven among people in its value chain, amid market forces and among competing forces," says Ambrish Bakaya, director, corporate affairs, Nokia India.

Some say that innovation is execution and the two are inseparable. A valid thought given that it does not take more than bad execution for a good idea to fail. Companies now realise that execution is an intrinsic part of the innovation concept.

It should not be treated as a logical step after innovation. "What's essentially the success barometer for

execution is that an innovative idea should be agile enough to make it relevant to the disparate set in the value chain over a period of time," says Bakaya.

Across industries, some of the biggest examples of ideas that have been backed by good execution include shampoo sachets (pricing-to-value winning), Kingfisher Airlines (service innovation) and world's cheapest car, the Nano from the Tatas, among others.

In a market like telecom, where the dynamics are changing rapidly, Nokia recognises that the mobile phone's role as a communication device is an old story. Consumers are constantly seeking to get more out of their devices, making it imperative for telecom companies to constantly seek innovations.