It’s Time to Innovate | Ajit Goswami | IDBI Asset Management Ltd

In the fast-moving and uncertain times we are living in, corporates are being tested in unimaginable
ways. It has become crucial for business leaders to think quickly and act decisively to navigate
COVID-19. Around the world, organizations are leading the way to innovate their way to survival.
In Ajit Goswami’s view, there has never been a more crucial time to push the boundaries of
innovation. If organizations wish to stay relevant now–and even beyond the health crisis–they
should seize this historic opportunity to urgently adopt new ways of doing things to weather the
unprecedented crisis posed by the novel Coronavirus.
In this podcast, he shares 5 key reasons why it’s important for Corporate India to pursue innovation
and come out stronger on the other side after the crisis settles down.

First, delight customers with costovation—innovation that cuts cost while exceeding customer
expectations. For businesses that are not conglomerates like Amazon, it’s vial for them to cut costs
during COVID-19. It is the need of the hour to pivot and explore new revenue streams instead of
giving in to store closures.
Second, band together with others. Companies like Dominos are hiring more to keep up with the
demand, while airlines and hotels like Marriot are laying off tens and thousands of workers. Ajit
gives the example of more than 40 companies in China band together to share their resources and
manpower to combat the challenges posed by COVID-19. He calls for more such innovative
strategies by organisations to help tide over the crisis.
Third, keep your customers close to ensure their loyalty. During COVID-19, it’s critical for small
businesses to deeply understand their customers.
Fourth, reprioritise jobs during the pandemic. The current times call for adjusting to the new normal
and catering to the needs of the market.
Fifth, Re-think customer experience. This holds particularly true for restaurants, hotels and other
experience-driven businesses. They need to look for creative ways to deliver results—something
many companies have started thinking along these lines.
Ajit concludes by saying business owners have realised that a full remote workforce means less
overhead and crowding. All companies should think critically about which of their customers’ newly
adopted habits-like work from home—might stick in the long run. Businesses should be both
creative and flexible to meet the needs of their customers that will help their organisations stay
relevant in the swiftly changing world.

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