When the Game Gets Tough, Redesign the Game – or Innovate
Today's era can rightly be said to be the era of Innovation. One who follows and studies the business world will be overwhelmed by the variety and speed at which differentiated new products and services come into the market. Customers are more eager than ever to try and test the latest innovations. Digital revolution or technology is one of the major drivers behind these swift breakthroughs. In fact the impact of technology is so deep that it is at the core of majority of most valuable business enterprises shaped in last decade and the trend is projected to continue atleast for another decade or so. Another distinctive factor in recent time has been involvement of various stakeholders in the process of innovations. In contrast to earlier practices, since the past decade, companies have started to open up their research and development processes by collaborating with customers, suppliers, academicians, third parties and individuals. This era of technology driven, diverse and collaborative Innovation is replete with various business opportunities which have been discussed at length, however very little has been discussed about strategies to unlock it. One possible approach could be to design a business model with 'Value Proposition' at its core, which caters to a specific need of a customer. Being Value-proposition-centric rather than product citric or service-centric, the model will be more versatile and adaptive to respond to the precariously volatile changing market dynamics. Nowadays, products are changing very rapidly and are being substituted by newer, advanced and more efficient products pertaining to same needs. So a foresighted and triumphant business will be the one whose 'value proposition' can readily adopt new technologies and advancements while fulfilling the market demands with high satisfaction levels and if need arises should have enough flexibility to roll out a completely new offering. Another key area to focus upon is Operating Model or value chain of the Business i.e. the way to deliver the customer demand(s). Operating Model should be developed keeping in mind the long term strategy of the firm. A sustainable operating model goes a long way to ward off any competition and fighting it effortlessly even if it arises. Such model is developed by considering the triple bottom-line approach i.e. considering the Economic, Environmental and Social factors as primary stakeholders. Not to mention scope of Operating Model which is not limited just to the delivery of the product to customer, but is applicable till the time the product is utilized and finally discarded, including recovery of value from the waste as well. Along with so many positives, Innovation also brings a bit of uncertainty or risk. The best way to negate the peril in a technology driven industry is by being at the forefront of Innovation and to change and guide the market dynamics by continually upgrading the value proposition. At the same time diversifying along the value chain is another key to reduce the jeopardy associated with the business model. The saying “Change is the new constant” has never been as apt as it is in context of today's business world. The thumb rule for accomplishment in this rapidly changing market is, the businesses need to accept change and be flexible to adapt themselves with technological advancements and market demands, and also to cultivate a culture for indigenous innovation. With this edition of Oorja, an attempt has been made to collate the bright and innovative ideas from diverse business domains and get an insight into the opportunities and challenges offered by the new world.

Dr. Ashok Gupta

The new millennium has shaped innovative dimensions and added complex parameters for competition in the corporate world. The rapid scientific-technological sophistications, modishness of strategies, developments in information and communication technology, increased speed and ability to handle big volumes with technological advancements have revolutionized every activity, be it scientific or business or individual and personal. However, the rules of the game remain the same with only the fittest surviving. Coming as it has at this juncture the companies are functioning in a world of exponentially shortening product and service life cycle where customer preferences and technologies are changing in a discontinuous and non-linear fashion with business paradigms and rules becoming obsolete. In this era of ruthless elimination the future winners will be those business organizations that escape from the gravitational pull of the past and gear up on the fuel of learning and innovation. Appreciating the ever changing dynamics and volatility of the Indian corporate milieu, the editorial team of OORJA continues its efforts to bring together contemporary knowledge and research. In this issue we present to our readers a combined copy of volume 12, May –Dec 2014, which is an amalgamation of widely diverse themes, ranging from Bullwhip Effect in Supply Chain to Customer Expectations and perceptions on Service Quality in banking sector. Dr. Pallavi Mehta and Ms. Khushboo Sharma have proposed a structured framework to enhance employee retention and efficiency in hotel industry through their paper on “Managing Human Resource: A Critical Factor for Success in Hotel Industry”Dr. Shalini Talwar and Ms. Diptarka Chakraborty have made a fine attempt to develop a comprehensive and unique asset allocation simulator thereby providing valuable asset allocation advice in their paper on “Simulating Historical Returns in Indian Capital Markets for Superior Asset Allocation Decisions”. The Article “An Evaluation of Corporate Taxation in India” by Mr. Siddharth Mahajan provides a comprehensive evaluation of the diverse aspects of corporate taxation in India. The journal packed with Articles and Research papers including “An Investigative Study on Physical Security and Reporting Mechanism in ATM” by Ms. Madhu Sharma, “A Comparative Study of Impact of Customer Orientation Strategies on Customer Satisfaction in Banking Industry” by Ms. Namrata Kapoor (Kohil) and Dr. D.P. Mishra “ “Retaining Performers through Job Satisfaction: A Theoretical Framework with Special Reference to Insurance Sector” by Dr. Bhumija Chauhan and Ms. Shubhashree Sharma, “Impact of Changes in Per Capital Variables in Projection of the Future Business Opportunities in Uncertain Conditions” by Dr. K. Kanaka Raju and “An Effectiveness Study of Celebrity Endorser Types Across Product Categories” by Mr. Kisholoy Roy and Dr. Saumya Singh provides the necessary diversity in coverage and a wholesome learning experience. The book review on Lean in: Women, Work and the Will to lead by Sheryl Sandberg provides an exceptional appetizer on the book and examines why women's growth in accomplishing leadership roles has mired, explaining the root causes, and offering convincing and rational solutions that can empower women to realize their full potential. The review of The Silent Intelligence provides the readers an excellent taster on the opportunities practicalities, tricks and scope of the Internet of Things and presents a quick look on the most exciting growth areas for entrepreneurs and venture capital investors. Happy reading and a Happy 2015 filled with value, health and Happiness!

Dr. Manju Nair