4Ps of innovation and Reliance 4Ps
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Managing innovation is combination of two words; Managing and innovation. Managing is the term which is connected with the way to handle things and innovation is the term which reflects meaning as thinking new ideas for development. Philip E. Auerswald and Iqbal Z. Quadir(2014) said that solving problems and challenges of enterprises and people with new ideas is innovation. Joe Tidd and John Besant (Ed. 4) also mentioned Innovation as the driven ability of a person to connect things together and take advantage of the opportunity available. Innovations in a business are not only for solving problems, it has a broad sector. Innovation can be related to product innovation, process innovation, position innovation or the innovation related to paradigm.
These 4 innovation types are known as 4ps of innovation. 4ps Model: John Bessant and Joe Tidd have developed this 4ps model and also given the way to analyze the innovation base and getting how successful the innovation is. ALNAP’s study (2009, p.15) has defined these as: Product innovation: Product innovation is the innovation related to product and service which makes influence on people and market. Process innovation: Process innovation is the innovation related to the way and process how products and services are created or delivered. Position innovation: Position innovation is the term which defines the modification in perception of a company’s work sector, e.g. Microsoft is heading to change its work position to Mobile First and Cloud First from Product and services company. Paradigm innovation: Paradigm innovation is related with the mental perceptions of companies or organizations towards people. How companies analyze people need and wants.
Innovation is the part of life. Each of us is capable to do innovation but what type of innovation we are looking for. It depends on the need, mentality, ability, wants and direction given by circumstances. There are many of examples of innovation we have seen in our life. Internet being a part of our life, nobody thought that a person can talk to someone face to face even he is thousands of kilometers far. It is a great innovation. There are many of examples like this. Microsoft, Apple, Google, TCS, Amazon and a lot more are examples of the companies which are well known of their innovative ideas. Today I am going to talk about the company named ‘Reliance’. Reliance is the company which is working in field of communication, energy, Textiles, infrastructure, petrochemical etc.
Reliance is the company founded by Mr. Dhirubhai H. Ambani (1932-2002) in INDIA with an idea of Textiles business in late seventies. But it did not stop on the sector of textiles. With the help of its team, Reliance started to make new innovative ideas and worked on strategy to cover energy products which were the base of development, even now too and of course will be in future as well. They worked in polyester, fiber intermediates, plastics, petrochemicals, petroleum refining and oil and gas. With the help of this strategy, now Reliance is the largest private sector company of INDIA under the guidance of its chairman Mr. Mukesh Ambani. Reliance website shows what innovative works it has done in years and how it has been one of the most innovative companies.
Things which are impressive are as: Reliance had done impossible task. Jamnagar, a city in INDIA was a barren land, Agriculture was not possible there but Reliance teams’ hard work and dedication made it possible and now mangoes grown in that area are famous. It’s the innovation which is admirable and has been appreciated by world. Reliance management has the skill to create path of win from lose and mistakes. The example of it is Jamnagar’s craft centre, which was made after capturing the mistakes done by employees in Reliance. Now it’s the world’s largest craft centre and it has already trained 1, 50,000 workmen and still going on. Using Waste as resources, seems amazing? Yes, Reliance is No.1 Company of polyester production in world and with the waste of that production it has setup a new business of filling and stuffing.
That is the innovation. Business week (2014) has marked Reliance logistic private limited as integrated logistic services provider. Reliance offers transport of near about every product liquid, gases, solid products. Q1-We have already seen Reliance as innovative company with strengths like stability, Broad vision, Quick processing, Ability and of course success rate. Actually Reliance has the power to challenge the topmost companies in the world. It is in communication, Energy, Production, Sales, construction and a lot more. Its strengths are: Stability: Reliance’s biggest strength is its stability. It’s developing with a stable rate from decades. Broad vision: By its broad vision, it has acquired a big part of world’s market. Now Reliance is a global company. Grabbing opportunity: Reliance has the capability to grab the opportunity with new market strategies and product. Weakness:-
Investment Limitations: Reliance has a lot of funds and its financially stable but for long term investments in compare to its competitors, it is lacking behind a little bit. To overcome this gap, company should find some new investors. At present, company is collecting most its funds through shares and public funds. Reliance can tie-up with other companies to work in different sectors for more investments and profits. Q2-I don’t see a lot of gaps in company’s success but one the major gap where company has to work is to create new easier processes or adapt those new processes which are already been adapted by others. It is very important to walk with or ahead of world for getting success.
Conclusion: It is clear; Reliance is one of those innovative companies which are making big impact on the way how people think about innovation. Company need to continue this success rate. For it, company should find some more possibilities, might be in sports field or entertainment field like movies, T.V. serials etc. Company’s future depends on its stability and ability to think new ideas. Reliance is already working on new ideas continuously and also getting success in it. Company has to continue this success rate. In my view, Reliance is on its Top-gear of success, it just needs to do cover the gaps of renewal of products and adopt new technologies. With a very experienced and energetic staff, I believe company will do its best in future and will be one of the top companies in the world.
Philip E. Auerswald & Iqbal Z. Quadir (eds.) 2014, MIT PRESS JOURNALS, 9th edn, MIT PRESS, 2 Aug 2014, http://www.mitpressjournals.org/loi/itgg Joe Tidd & John Bessant (eds.) 2009, Managing Innovation (4th edn), John Wiley & sons, England Ramalingam, B., Scriven, K., & Foley, C. (2009), Innovations in international humanitarian action, ALNAP 8th Review of Humanitarian Action. Reliance Industries Limited, innovation @ RIL page, http://www.ril.com/html/aboutus/innovation.html Business Week, 27 August 2013, “Company Overview of Reliance Logistics Private Limited”