Without innovations and advanced technology, todays fast paced life would probably come to a standstill. While every organization looks for ideas to improve their product and services, the highly competitive environment of cutthroat competition makes innovation the key to stay ahead. Innovation is the process of developing better solutions and methods of conducting business. Having a culture of innovation helps companies stay ahead of the competition. Innovative business organizations place great emphasis on being able to take advantage of new opportunities - identifying changes in the business environment and, after evaluating market research information, allocating resources to capitalize on these opportunities.

The strategic growth requires a constant flow of good ideas to fill the pipeline. Customer-based innovation finds new and more profound ways to engage with customers and develop deeper relationships with them. Driven by a desire to build a deeper relationship with the customer, innovation continues to be on the minds of global businesses as a way to stay ahead of the curve or simply to survive. Innovation is the best way to drive growth in your organization.

For instance the premium brand, Surf Excel, was re-launched with a major new innovation. The new formulation continued to offer the best stain removal, but with 50% less effort behind rinsing and water consumption. This has resulted in an increase of sales of the brand, in a segment which had been declining. The price of Surf Excel sachets was made even more attractive to widen the user base of premium brands. The heritage brand, Surf, has been migrated to the Surf Excel franchise.

A key differentiator of innovation from other initiatives is the aspect of newness, expressed in a new product, a new technology, a new insight into customer requirements, or simply a new way of applying an existing technique in a new situation. Reign Supreme Bar has undergone a fundamental transformation. HLLs innovative technology eliminates insoluble fillers in detergent bars, delivering superior whiteness, and since its re-launch Rin Supreme Bar has registered good growth.

Idea management and innovation has acquired a greater dimension over the years aiming to foster a culture of innovation and knowledge sharing that helps a company to enhance its brand value and loyalty. Even though most companies understand the need to innovate, they are usually unable to take the necessary steps to foster a culture of innovation. With idea management solutions, businesses can address issues like people management, competitive pricing, and introduction of new products thus staying ahead in todays market.