My day began with a very insightful lecture by Louis Chenevert, Chairman and CEO, UTC. He provided a very good overview on how his company blends innovation with a strong value framework across its units and supply chain to deliver value to its customers. He startled me when he mentioned that they spend around US$ 3 billion on R&D. Wow! This number exceeds individual budgets of many municipal corporations across India.
I thoroughly enjoyed the interactive lecture of Michael Tushman, Professor at Harvard Business School. He aptly described how industries resting on the laurels run the risk of getting locked into inertia making themselves blind to disruptive innovations. The case study discussing how the Swiss watch industry failed to innovate their businesses in spite of being introduced to the quartz technology in the seventies was really an interesting one. While he spoke on strategies that could help companies move from one level of greatness to the other without experiencing the dip, I was reminded of the book written by my colleague Paul Nunes at the Accenture Institute for High Performance, titled, a�?Jumping the S curvea�?.
The session addressed by Nandan Nilekani on what would it take to realize an inclusive India was simply outstanding. He spoke at length on how a�?Aadhara�� is being further strengthened to cover more and more people. I strongly believe that implementing a universally acceptable, portable system of identification, accessible to the poor and individuals residing in remote locations, is at the foundation of inclusive growth. From the perspective of agencies implementing inclusion initiatives, appropriate identification helps discover the most deserving beneficiaries. Whereas, from the viewpoint of beneficiaries, such a system facilitates predictable and consistent access to benefits flowing from inclusion programs.
Was very thrilled to hear Nandan Nilekani talk about the unfolding of the a�?Micro-ATMa�� revolution converting each neighbourhood store into an ATM making the banking system. This transformation will go a long way in raising the quality of engagement of populations residing within Indiaa��s hinterlands with organized markets. People will have access to safer goods on a large scale. And this will incentivize industry to innovate breakthrough business models to reach more and more people with goods and services.