Innovation is imperative for Indian Cos: ICICI Bank chief

The best of the best not only seek to adapt to change but to drive it and create new opportunities for themselves, said K V Kamath, MD&CEO, ICICI Bank Ltd.

Talking at the 32nd national management convention organised by All India Management Association (AIMA) here on Friday, he said challenges of change can be met by innovations of the future.

‘‘Innovation is imperative for companies from India, which need to compete against large players in today’s globalised world,’’ he said.

According to him innovation need not always be in the form of products. ‘‘Prices, process and organisation structures can be areas of innovation,’’ he averred.

‘‘Winning innovations create customer value and achieve scale quickly leading to profit,’’ he pointed out. Giving ICICI’s successful innovations in retail finance, online trading, technology, rural banking and international business, he said, for building an innovative platform, a firm needs to have strong and committed leadership.

‘‘Innovations in retail finance helped us to increase our customer base from less than 1 million to over 14 million in five years. We have the largest online trading site in India with 670,000 customers and about 25 percent of NSE’s online trading volume,’’ he said.

B Ramalinga Raju, chairman, Satyam Computers said to be in the company of winners one needs to have focus. ‘‘There should be a drive to constantly improve and want to learn continuously. Excellence can be formed in detail. However, nothing is more important than setting a goal and pursuing it,’’ he explained.

Nokia is planning to introduce rich media—handsets that make it possible to broadcast TV into the devices. Talking on the sidelines of AIMA convention Jawahar Kanjilal, director-rich media & MBP, Nokia, Asia Pacific, Singapore said the company is developing rich media on a pilot basis.

‘‘These are devices that enable mobile TV into the handsets and will be available on a commercial basis by early next year,’’ he said.

He said though Nokia’s market share witnessed a dip last year, it had picked up gradually. ‘‘India is one of our biggest markets,’’ he said. Talking about trends in mobile display, he said now different colours are used for perfection.