Wednesday, December 31, 2008

Innovative Product / Services Companies in India-2008

This week I was responding to a survey about innovation and it got me thinking about which are the Top 3 innovative companies in India that I would vote for. To do this I took a step back to assess what are the characteristics that would need to be ascertained for qualifying the companies. The top ranking items on this list include

Are these companies
• doing something different to enable consumers benefit from their offerings
• able to reduce the cost of products / services they charge by passing on their internal innovation gains
• creating offerings which are new and satisfying a latent demand
Also, at a personal level (which could be a satisfying condition for a majority of consumers like me)
Are these companies
• creating internal operational processes that enable a consumer take advantage of all the services they can provide
• offering breakthrough products / services offerings

The final list of Top 3 companies that meet these criteria are ::

Maruti Suzuki :
Over the last 25 years consistently created products which meet the Indian consumer needs which are competitive and value for money.

HDFC Bank :
Created ease of use and reach thru network of branches, ATM, and online channels; working with corporates to entice usage by employees of the services and multi-channel marketing along with cross selling of products. Addressed internet security concerns by innovative use of technology.

LG Electronics :
Value for money products launched in Indian market - which are technologically better than the existing ones and superior to the ones available anywhere in the world. All of this with customization to suit Indian consumer environment.

Disclaimer: I have used or currently use products from all these companies.

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