The Cyrus Mistry led Tata group is pushing for innovation across 120 companies to
help marry technology, digital and innovation under one roof. The group has already doubled published patents in two years, from about 3,500 at end of 2013 to about 7,000 at 2015 end. Currently about 2.7% of the group’s turnover is being invested in R&D, amounting to $2.9 billion. Going forward the group has adopted a three-pronged strategy to encourage and enhance innovation across business sectors and companies.
- Tata Group Innovation Forum (TGIF) is a network connecting Tata companies all over the world, stimulating innovative thinking and fostering collaboration and research.
- Tata Innovista is an annual pan-Tata event that encourages creative thinking and recognises and awards innovation in group companies. Last year the event saw over 1,900 implemented innovations from Tata companies under the Promising Innovations category. This category recognises innovations that have been successfully implemented and accrued business benefits. Estimated financial benefit of top innovations has been trending at about $1 billion annually.
- Tata Sons plans to sign up with top universities of the UK and US to give a boost to innovation. Students from the universities of Harvard, Stanford, Columbia and Cornell, among others, will research with the Tata group technology team led by Gopichand Katragadda for the latest innovation offerings across different ventures. Focus areas for the technology team include energy, food and wellness, digital consumer products and services and digital factory and fleets.
Source: Economic Times