INNOVATION
SPECIAL Tatas Look to Source Ideas for Innovation Push
OVER TO
PUBLIC Group seeks solutions to its problems posted online from various experts
India's
oldest conglomerate has thrown open the challenges it faces to the outside
world, seeking ideas to deal with them. Under chief technology officer
Gopichand Katragadda, the group asked academicians, scientists and others to
come up with solutions to its problems that were posted online.
What it
is looking for are solutions for some of the toughest problems faced by Tata
companies across products, business models and internal processes.
The Tata
Open Innovation Program was started four months ago and two sets of challenges
have been opened to the public. The first was in the area of waste to value.
The business house wanted to know ways to reuse the byproducts that are
produced by Tata Power, Tata Steel and Tata Chemicals.
It
received more than 60 responses from entities or individuals from across the
world. The group did not divulge details of the participants as there is a
privacy policy in place. The reward -the prize money is ` . 1 lakh per
challenge -would depend upon the challenge that the candidate managed to solve.
“Innovation
is finding new ways of creating value. For the first time, this year, we have
thrown open challenges to the external world and are extremely excited with the
initial entries,“ said CTO Katragadda.
The
programme is being run on the Tata InnoVerse platform, a collaboration hub for
the more than half a million Tata Group employees.
“It is a
long-term programme through which the Tata Group endeavours to create a win-win
situation for all the three stakeholders -the Tata company , the solution
provider and our customers,“ said Ravi Arora, vice president innovation,
group technology and innovation office at Tata Sons.
Innovation
is a key focus of the 147-year-old conglomerate with chairman Cyrus Mistry
pushing for digitalisation across group companies, even at those carrying out
traditional manufacturing businesses.
In 2014,
it appointed its first chief technology officer, Katragadda, to bring about a
digital revamp. “This has been going on. Companies have realised that every
innovative idea cannot come from within. So, there are hackathons, and
challenges being thrown open. Certainly the Tatas have taken longer than others
to start their process,“ said a consultant who works with India's large
conglomerates on IT and innovation. He declined to be identified because he
works with some Tata Group companies.
Crowdsourcing
of ideas for innovation is not new among Indian conglomerates.The Mahindra
Group ran a Spark the Rise programme to scout for innovative ideas in areas
such as driverless cars and affordable solar energy. The programme had a $1
million prize. Global financial services firm Citibank is running a Citi Mobile
Challenge in the Asia Pacific to scout for ideas.
Devina
Sengupta & Jochelle Mendonca
|
Mumbai:
|
ET14MAY16
No comments:
Post a Comment