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In our line of work, technology is one of the catalytic elements of innovation. Into the new millennium and beyond, innovation has become a directed effort and our company focuses on technology revolutions to innovate for market. The forums and blogs discuss about the challenges and pain points with technical webinars exposing the latest breakthroughs, a perceptive mind has an opportunity to combine and create novel solutions. We innovate primarily for the sake of our customers and secondarily for the market. We carry out two complementary innovations for our customers.
Innovations that are incremental in nature are a big value adds. These especially happen when we work on customer projects and our keenness with eagerness for innovation leads to the proposal of incremental innovations on our customer requirements. In our own experience, customers consider such proposals very seriously and schedule them in their product roadmap.
An illustrative example of incremental innovation is to suggest a novel way to reduce the overall energy consumption. Energy, these days, is a paramount resource and, from multiple perspectives, having a strict control over energy consumption patterns within our customer project helps brand their product in the market very effectively.
As opposed to the incremental innovations, we submit our product related ideas to our customers for their consideration. In a sense, we want to explore whether any of our customers are interested to make our proposal as part of their portfolio. An alternative for us to build a quick and compelling prototype that convincingly demonstrates our idea to both our customers and market segments.
An illustrative product innovation is to reengineer the product features so as to reduce the overall cost. A case in point is to reduce the overall form factor either in terms of physical dimension or memory footprint.
A part of our product innovation methodology is partially open innovation: we share our ideas and its progress as undertake the journey of conceptualization and engineering with our customers.
This works both ways: our customers get a glimpse of our thought process and we get to have pinpointed feedback and animated discussions with our customers who are a kind of market leaders in their domain of business.
The other aspects of our methodology include identifying and creating new opportunities for product innovation, developing a focused product plan keeping our customer expectations and designing a development strategy that plays on our strengths.