XIMB Hosts National Seminar on Operational Innovation

XIMB Hosts National Seminar on Operational Innovation - "Ashwamedh 2007"

"There can't be a defined process of innovation, which has become extremely important for organizations in the fiercely competitive scenario," was the conclusion of the one-day National Seminar on "Operational Innovation: A Competitive Strategy" organized by the students of Xavier Institute of Management, Bhubaneswar (XIMB).

Introducing the topic, Dean (Academics), Prof. W. S. Williams, pointed out that though this operational innovation issue had come to the fore-front only two decade ago, but this concept was there from the beginning of the 20th century. He emphasized how organizations are using this as a tool to stay ahead in the competition. "Operational excellence is different from operational innovation, as the former reduces cost & eliminates errors, and the later focuses on better ways of doing things. There are two types of operational innovation mainly - product innovation and how to deliver values through it," said Prof. Williams. Citing examples of operational innovation, Prof. Williams elaborated how Toyota and Wal-Mart had sustained the lead in competition through operational innovation.

Taking cue from this example, Narayanan Srinivasan, Head - Wholesale Banking Operations, Standard Chartered, said, "Applying this operational innovation, Toyota can produce any model of car within 20 minutes, despite the complexities associated with manufacturing a car."

Inauguration of Ashwamedh 2007 at XIMB

The speakers agreed to the fact that operational innovation is essential for sustenance and for gaining competitive edge. But it is not easy to apply as the simpler one like Just-In-Time (JIT) concept took several years to come into practice. All speakers pointed out that with increasing competition and fast changing technology, operational innovation has taken a centre-stage as it can change the rules of the game.

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Contributed by -
Team Illuminatix,
Media & PR Cell,
Xavier Institute of Management, Bhubaneswar.

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