Innovation has become a buzz word today. It is very much visible in the lexicons of industry leaders. In fact, no promising company can dare to turn a blind eye to it. In general parlance, “Innovation” stands for the development of a new product, a new process or a idea. Its like looking for a window of opportunity. Today firms are facing lots of challenges in terms of consumer activism, ubiquitous connectivity, convergence of technologies, and globalization of markets besides global search for access to resources.
In the past, innovation has been considered as an art, dependent upon the people who make it happen and a relatively rare unpredictable occurrence. As a result, too much time is taken in the development of new products and services. In the present century, we must change this process so that we become continual thinkers, capable of innovating on demand for mass customization. This requires that we understand innovation better and standardize the process of predictable results. Three basic thinking are required to do quality work, they are process thinking, statistical thinking and innovative thinking. Some of the great scientists and leaders like Newton, Einstein, Henry ford and Steven Covey, Steve Jobs fall in the rare innovative thinking category.
Today we need nurture innovative, Compassionate and responsible budding managers who can play a vital role in shaping the world. “PADMASHREE INSTITUTE OF MANAGEMENT AND SCIENCES” strongly nurtures institute’s vision and mission.