Organizations need to innovate in Asia

• A culture that encourages Innovation is a key differentiator and a crucial ingredient of every ‘Gold standard’ organisation in any industry.
• These organisations have embedded this quality into its core fabric and the organisation's leaders preach and live this quality everyday setting the example for the rest of the employees to follow.
• Innovation, besides delivering competitive advantage also contributes towards building employee skills, knowledge, market share, customer base and ultimately shareholder value.
• Singapore and regional organizations can benefit significantly by encouraging an innovation led culture in their quest towards attracting high class talent, in scaling their operation and in their ability to compete with brands from global powerhouses.
• While it is easy to recognise the virtues of innovation, not all organisations succeed in implementing it.
• In addition to management commitment and creation of an innovation-friendly environment, successful organisations introduce monetary and non-monetary rewards for innovators in their ranks and establish a perception were experimentation is encouraged and failures that come out of these experimentations are not looked down upon or penalised.
• That said, it takes time to build this platform of commitment and trust. It is not an overnight phenomenon.