Core Business and Role of Innovation.
Key Products and Services.
Innovation Making Infosys Different From Its Competitors.
Research and Development and Its Relation with the Organization’s Innovation.
Factors Affecting Firm’s Innovation Success. Is Innovation Science Push Or Demand Pull?.
Demand Pull Innovations.
Science Push Innovations.
Firm’s Innovation Category.
Technology S Curve.
Success Degree of Infosys in Utilizing Innovation.
Infosys limited, is primarily an Information technology based multinational company headquarter in India with core business of providing business consultation, information technology and business process outsourcing services. The company is headquartered in Karnataka, a state in India. It is the second largest company by revenue in India after Tata consultancy services which is also primarily an Information technology based company. The market capitalization status of the company was $46.5 billion in 2017 (History n.d.). Furthermore, it was established in 1981 and listed in 1993, it has now an employee base of a massive 293,000.
Infosys has been constantly involved in innovation and providing consumers with value addition on the bases of its innovative products and services. It provides software development, independent validation and maintenance to firms involved in finance, insurance, manufacturing, etc. (Joshi and Vaidya n.d.). An example of its innovative customer value proposition is the product Finacle. It is a universal banking system solution for retail and corporate type of banking.
Key Products and Services
Above are the core innovatory business products and services offered by Infosys India.
The 2018 Global Innovation 1000 observed that high leveraged innovators leave competitors far behind on a sustained basis on multiple indexes. Over the past 20 years, Infosys has been using the innovation to add value proposition to customers in addition to lowering the cost of products and services and to add digitally enabled services to their products. It is only innovation which can sustain a firm in today’s cut throat competition. Most organizations are designed to produce and sell on a high level operational excellence and such execution focused organization finds it hard to change and innovate at a speed which competition demands.
Infosys has a dedicated innovation hub, and innovation labs which filled the above gaps in the innovation and optimum benefit. The result is that though India’s 45% economy depends on services primarily IT services with so many companies, Infosys has become second largest company in India due to its innovation and optimum benefit from innovations. In 2008 itself, company filed for more than 100 patents (Infosys n.d.).
Infosys is an Information technology firm with its being the primary business, its R&D is primarily focused on innovation on its products and services. It has a chain of “Innovation Hubs” and “Infosys Labs” which have filled the gaps of innovation gaps and inaccuracies.
Infosys innovation hubs run on two basic principles-
Innovation is not about the money- Simply putting money into is no guarantee to success. There is no correlation between investment and financial performance (globalinnovation 2018).
It’s not about a single bright idea- It’s all about scaling the idea, only with the systematic discipline with repeatable procedure that the innovation will fructify the company (Joshi and Vaidya n.d.).
Joshi and Vaidya (n.d.) explain the primary factor that affect the company’s innovation success is it understanding of the innovation strategy which have been described as-
Innovation is not about the money- Simply putting money into something does not guarantee success. There is no correlation between investment and financial performance (globalinnovation, 2018).
It’s not about a single bright idea- It’s all about scaling the idea, only with the systematic discipline with repeatable procedure that the innovation will fructify the company.
The company has been constantly innovating on the process of innovation and that the working repeatedly on a single idea with right employees, processes and protocols followed in the strategy, correct span of scaling and teamwork (Joshi and Vaidya n.d.).
There are various products and services which have been evolved out of innovation process of the company and are a combination of demand pull and science push innovations-
Consulting- A management consulting service on global level, there is a demand globally of management consulting services to effectively handle the business and companies management as it is the most crucial factor for companies to effectively sustain in the market.
EdgeVerve systems- banking platform on global level, which includes Finacle. Financial inclusion is the need of the hour to include every person to make his life potential to the maximum. It is particularly needed in India and generally globally.
Engineering service and digital marketing- Engineering services and digital marketing have been in demand since the onset of internet and media. It has been constantly increasing.
NIA- integrated AI platform of the next generation- AI service of Infosys and a science push innovation as AI (artificial intelligence) is the next generation of industries.
Skava, Pamnaya cloud and Infosys cobalt- These packages are provided to companies to use the cloud services which are a science push innovation in the company as cloud services was scientific innovation which soon came into demand.
It is to be noted here that innovations both the push and pull factors which encourage to innovate or find demand after being innovated.
Kogabayev and Maziliauskas (2017) explain the certain types of innovations-
Incremental innovation- it is most common, it utilizes the existing technology and certain changes increases the value to the end user.
Disruptive innovation- applying new processes or technology to the current market conditions, which is generally expensive and is inferior to existing market tech.
Architectural innovation- applying an existing system to an altogether new industry or market.
Radical innovation- It gives birth to new industry and creates revolutionary technology.
There are some others like product innovation, process innovation, service innovation etc.
Infosys primarily is involved in the innovation of service and process category, more specifically in the incremental innovation and architectural innovations category, as it brings new products and services package of the existing systems in the new market or industry in which those systems never worked (Cardwell n.d.), for example Infosys cobalt and Pamnaya of Architecrural innovations. For incremental innovations it has made edgeVerve systems, NIA, Infosys Cobalt as using the existing systems and making relevant changes and improvements according to the industry in which it will be offered.
Neito and Cruz (1998) explain technology S curve which is concerned with the phenomenon of evolution of technological progress and says that technology is evolved slowly in the initial period, the very fast and sustain at that point in the form of plateau. The S curve does not accept the single unitary theory of evolution of technology. Technology in the S curve evolves through three major phases’ viz. introduction, growth and maturity.
Infosys currently rally on the fast pace of its growth and the plateau form if sustenance is yet to come which is evident from the fact that Infosys is adapting to the new technological up gradations and inventions like cloud servicing packages and artificial intelligence, core banking services and its acquiring of the existing firms of varied market like the acquisition of simples ltd (Gupta and Dzharova 2014). These proceedings have opened an altogether new market for it with potential of growth
The Infosys labs, the innovations hubs, the $500 m innovation fund, skills training center of the existing researcher and young students have all contributed Infosys in successfully creating continuously new and innovative services and packages to cater to the changing needs of the market which is evident with its constant innovative and radical products like Scava, Infosys Cobalt, Pamnaya, EdgeVerve and other products (Cardwell n.d.).
Infosys primarily aims at architectural and incremental types of innovation and it is described in the above sections that how Infosys has understood the concept of innovation and its uses which make it different from its competitors. The company since 1993 when it was listed has been constantly performing well with a major chunk of service economy of India has been contributed by Infosys (Cardwell n.d.). It is all due to the fact that the innovation sector of the company has been constantly adjusting the products of the company towards the needs of the market and the usefulness of the business or end user has always encouraged the company to add value proposition through innovations.
Cardwell, R n.d. Dedicated Innovation Hubs for a Successful Approach to Modernization Digital Future. [Online]. Available at https://www.infosys.com/insights/digital-future/dedicated-innovation-hubs.html [Accessed on: August 20, 2020].
Golablinnovation. 2018. What the Top Innovators Get Right p.1 [Online] Available at https://www.strategy-business.com/feature/What-the-Top-Innovators-Get-Right?gko=e7cf9 [August 20, 2020]
History n.d. Infosys is a global leader in next-generation digital services and consulting. [Online]. Available at https://www.infosys.com/about/history.html [Accessed on: August 20, 2020].
Infosys.com n.d. Infosys Labs: At the heart of innovation. [Online]. Available at https://www.infosys.com/newsroom/features/2008/setlabs-innovation-partner.html [Accessed on August 20, 2020].
Joshi, P and Vaidya, S. n.d. A Pathway to Addressing the Innovation Challenge. [Online]. Available at https://www.infosys.com/insights/other-insights/innovation-challenge.html#:~:text=The%20innovation%20future&text=Through%20Living%20Labs%2C%20Infosys%20offers,evaluating%2C%20incubating%20and%20scaling%20ideas. [Accessed on: August 20, 2020].
Kogabayev, T. and Maziliauskas, A. 2017 The definition and classification of innovation. [Online]. Available at https://www.researchgate.net/publication/318180953_The_definition_and_classification_of_innovation [Accessed on: August 20, 2020].
Nieto, M and Cruz, F. 1998. Performance analysis of technology using the s curve model: The case of digital signal processing (DSP) technologies. Technovation, 18(6-7), pp.439-457.
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