Innovation for branding Bangladesh

Innovation means to improve or to replace something, for example, a process, a product, or a service. Innovation is a process by which a domain, a product, or a service is renewed and brought up to date by applying new processes, introducing new techniques, or establishing successful ideas to create new values.We’ve all heard the phrase “adapt or die” and for businesses to achieve success in today’s modern world, this is a universal truth. Take, for example, the massive expansion in technological advancements in the past decade; because of this extreme growth, businesses have been forced to adapt and expand more than ever before.

Toyota will lead the future mobility society, enriching lives around the world with the safest and most responsible ways of moving people. Through our commitment to quality, ceaseless innovation, and respect for the planet, we strive to exceed expectations and be rewarded with a smile.’….not to innovate is to die’ wrote Christopher Freeman (1982) in his famous study of the economics of innovation. Certainly companies that have established themselves as technical and market leaders have shown an ability to develop successful new products. Innovation is defined by Myers and Marquis (1969; cited by Trott 2005) as not a single action but a total process of interrelated sub processes. It is not just the conception of a new idea, nor the invention of a new device, nor the development of a new market. The process is a combination of all these things acting in an integrated fashion. A new idea is normally the starting point for innovation. It is neither innovation nor invention; it is merely a concept or thought. The process of converting these ideas into a new product or service is invention. To convert that to a successful profit generating offering in a market is exploitation. And this complete process is innovation.Toyota’s relentless cost engineering creates efficiencies that Detroit can chase but not match. Its philosophy of continuous improvement–rethinking the thousands of steps that go into building each model–allows Toyota to constantly trim material costs and production time. For example, the company lowered the base price of its 1997 Camry by 4%, after taking steps that included streamlining the front-bumper assembly from 20 parts to 13 and reducing the number of steel body fasteners from 53 to 15. Such improvements enable Toyota to assemble a car in 21 hours, vs. 25 for Ford, 27 for Chrysler and 29 for GM. Organizations have several options to increase their competitiveness: they can strive for price leadership or develop a strategy of differentiation. In both cases, innovation is essential.

Companies that choose price leadership must secure their long-term competitiveness by developing innovative, highly efficient processes. Process optimization and continuous improvement in terms of costs are important for them.

Companies that strive for a differentiation strategy need innovation to develop unique distinguishing features to their competitors.

Many start-ups launch their activities by developing an innovative product or service.

Continuous innovation is, therefore, crucial for all companies. The main difference is in the focus of the innovation strategy, which varies considerably from company to company.

With traditional approaches and conventional methods, you will often not get anywhere in the field of innovation. Challenge the status quo consistently! And explore new paths off the beaten track.

Innovation projects constantly need new ideas: To overcome obstacles, to change concepts, and to optimize strategies.

Imagine how your innovation will look like in reality. And believe that you will be able to overcome all obstacles on the way to realization.

In the context of businesses, there are different types of innovation.

Process improvement and organizational innovation: The improvement of processes through continuous improvement and the development of new solutions.

Product development: The development of innovative products or product features.

Service innovation: The creation and introduction of new services for customers and partners.

Business Model Innovation: The development of innovative business models and new revenue streams.

Digitalization and digital transformation also require companies to rethink and develop new approaches.

One of the major benefits of innovation is its contribution to economic growth. Simply put, innovation can lead to higher productivity, meaning that the same input generates a greater output. As productivity rises, more goods and services are produced – in other words, the economy grows. Innovation and productivity growth bring vast benefits for consumers and businesses. As productivity rises, the wages of workers increase. They have more money in their pockets, and so can buy more goods and services. At the same time, businesses become more profitable, which enables them to invest and hire more employees. Structural measures to promote innovation include increasing spending on research and development (R&D) and investing in education, as well as enabling entrepreneurs to start businesses more easily and for failed businesses to exit the market more quickly. In addition, companies can facilitate innovation by investing in their staff and conducting their own R&D.

Vietnam began its current period of growth and industrialization in 1986, when Hanoi began a series of economic reforms known as “Doi Moi.”2 Between 2000 and 2010 Vietnam more than tripled its per capita GDP.3 Mirroring the traditional model of industrialization, workers have moved from agriculture to industry and services. In 2005, agriculture, industry, and services, respectively employed 57.9 percent, 17.4 percent, and 24.8 percent of Vietnam’s workforce.4 By 2014, these numbers have changed to 46.8 percent, 21.2 percent, and 32.0 percent, with industry and services contributing most to Vietnam’s GDP in that year and those following.5 By 2016, Vietnam had an overall GDP growth of 6.2 percent and is projected to continue at similar rates over the next several years.6 Rising wages in China, coupled with greater demands by Chinese workers for better working conditions, have helped Vietnam become a more competitive off-shore manufacturing hub.7 Recent data bear this out: 2016 saw FDI inflows to Vietnam hit a record high.8 Like previous “Asian Tiger” economies, Vietnam is expected to absorb lower-skilled manufacturing jobs as China moves up the value chain, continuing its development and high rates of economic growth. Yet this expectation follows a growth model that may soon be outdated with the rise of automation. Vietnam occupied 42nd position in the ranking while India occupied 48th. Bangladesh occupied 116th position in this ranking.

We need to improve our positioning in the global arena by way of diversity in the exports basket, expand the manufacturing base for import substitution. For that we need to encourage the direct foreign investment, enhance skill base of the workers and do the needed branding exercise to promote Made in Bangladesh brand globally.

The writer is MD and CEO of Community Bank