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.