Carrier Corp: Strategic Leadership Roundtable

Carrier Corporation, in association with IncubateHub, recently concluded a successful Roundtable discussion, which was presided over by Bobby George - SVP & CDO Carrier Corp, Kamal Sharma - Digital Hub India Country Head and Varun Verma - Hub Strategy & Operations Leader.

We were also happy to have with us the following distinguished guests who actively took part in the discussion: Ravindra Rapeti , Manu Menon , Sanjeev Keskar , Abhishek Prasad , Ravi Krishna M , Kaustubh (Keb) Nande, Ph.D. , Markus Pfefferer , Vaidehi Gupta , Abhishek Ks Gupta , Varsha Kakati . , Mahitosh Patankar , Rajiv Mukherjee , Uday Vipra , Souman Panda , Pradeep V and Kartik K .

Overview

The roundtable discussion covered a range of themes, including the importance of digital products and platforms, innovation processes, culture building, customer needs, and global vs local focus. The discussion highlighted the significance of digital products and platforms for companies to stay competitive in today's fast-paced business environment.

The group also talked about how innovation centers can supplement ongoing R&D efforts, and the importance of building a culture that fosters innovation and encourages employees to think outside the box. The evolution of global capability centers (GCCs) and their role in driving innovation were also discussed.

The conversation also touched upon the challenge of staying connected with customer needs while building global products, and whether GCCs should focus on global or local market needs.

Discussion & Key Points?

The roundtable discussion began by diving into the importance of innovation and how companies can leverage it more efficiently. The group agreed that innovation is key to staying competitive and relevant in today's ever-changing business landscape. The panelists not only discussed some of the challenges that come with innovating, but also the incredible potential it has to transform industries. For example, AI is already being used to automate manufacturing processes, predictive maintenance needs in the automotive industry, and even measure vital signs in healthcare. However, the fact that not all industries find it easy to adopt new technologies was also acknowledged. Despite these challenges, it was unanimously agreed upon that innovation is crucial for growth and success, and the participants explored ways to overcome the barriers to adoption.

Innovation is crucial for growth and success, as it helps companies stay competitive and relevant in an ever-changing business landscape.

The second theme of the discussion revolved around finding innovative solutions that can give businesses an edge over their competitors. It was noted that sometimes it can be difficult to implement new ideas if the company follows a top-down approach. Taking a step back and using a bottom-up approach can sometimes yield better results, as demonstrated by JLL Group's experience. Additionally, the topic of Internal Innovation & Intrapreneurship, where innovative ideas could come from within the business itself, were also discussed. Many companies are now allocating extra budgets specifically for finding and understanding new ideas, and then implementing and growing them. Procter & Gamble was given as a stellar example of a company that is doing this effectively. To aid in innovation practices such as these, companies like IncubateHub can prove to be of great help with their experience in enabling Open Innovation & Digital Transformation.

Adopting a bottom-up approach and allocating extra budgets to finding and implementing innovative ideas can give businesses an edge over their competitors.

The third theme of the discussion centered around the importance of continuous innovation in overcoming organizational challenges. One of the major challenges highlighted was how quickly things can go wrong in an organization, likened to a bushfire. Continuous innovation was seen as a means of staying ahead of the curve and avoiding such issues.

Another challenge discussed was retaining good talent. Leaders in organizations often face this issue, as good talent is crucial for capitalising on innovation opportunities. Mercedes Benz was given as an example of a company that has managed to retain top talent and leverage it for innovation. They are currently developing a Software-defined Vehicle (SDV) and have implemented fully automated operating systems in their automotive processes.

It’s been observed how things can go wrong in an organization in the blink of an eye; Continuous innovation and retaining talent helps stay ahead of the curve and avoid such issues.

In the final theme of the discussion, the focus was emphasized on how companies are investing in innovation labs and dedicating separate budgets for research and development. General Electric was mentioned as an example, with a 55% market share in sensor-based products in the US and a strong presence in cold transportation refrigeration. Tata Steel’s example was also discussed, with their use of HVAC requirements for onion storage as an innovative solution. The group also explored the idea of conducting R&D away from the actual problem and how this approach can lead to more effective innovation. The conversation then shifted to Mercedes-Benz and its process for building and innovating solutions. They are breaking down and analyzing each process to determine which one can outshine the rest and scale globally, giving them an edge over their competitors.

Investing in innovation labs, having separate R&D budgets, and conducting R&D away from the actual problem help lead to more effective innovation in organizations

Conclusion

The roundtable discussion proved to be a valuable platform for exchanging ideas and perspectives on the current industry landscape. The panelists and other honorable guests brought different insights to the table, fostering a dynamic and productive dialogue that explored key challenges and opportunities. Through constructive exchanges, the event generated innovative approaches to Digital Product Strategies and the other key themes.

Overall, the success of this roundtable discussion highlights the importance of collaborative initiatives and knowledge-sharing among industry stakeholders in driving progress and growth.

Subscribe now to Innovation Insider to stay up to date on future events like these and get valuable insights from leading Corporate Professionals across various industries!

________________________________________________________________

IncubateHub?is Asia's largest Open Innovation & Corporate venturing platform to drive Digital Transformation & Sustainable solutions working with Startups, Students & Professionals. We also help Startups engage with our 106+ Corporate clients including Mondelez, Faurecia, P&G, Accenture, Tata, DCB Bank, Fidelity, ITC Infotech, IBM, NASSCOM, Analog Device, Nasscom Foundation & Quest Global.