Business Tradition To Innovation: A Lifeline To Obsolete Businesses In India

The business world has always been turbulent. Nearly all products and services reach a saturation point and then translate into diminishing returns. If a company persists in its current practices for too long it risks becoming obsolete over time. You might have clapped your eyes on some or numerous businesses that operate on the traditional lines. Then one morning as you switch the TV for the news headlines you learn that a gigantic company has shut down. However most likely it may not come as a shocker to you. Why? Because you had already predicted the fate of that company. As a reference some similar cases have been shared in this book. Traditions on the other hand are undeniably important. They are like anchors in our lives and form a fundamental part of our identity. The enormity of these traditions is evident from the holidays we spend with family year after year to the foods we cook for special occasions. Likewise the importance of traditions in the business world cannot be overstated. Businesses often pride themselves on their histories going to great lengths to safeguard the techniques products and facilities integral to their brand’s legacy. However by remaining steadfastly true to their heritage they risk becoming obsolete. Resisting change under the guise of tradition can make businesses inefficient outdated and uncompetitive in today’s consumer market. In today’s saturated and globalized market innovation often drives growth for businesses of all sizes. The plethora of digital startups that have sprung up in the last decade attests to this trend. According to the statistics businesses that do not innovate risk becoming out of fashion. As a result their products may trail behind the competitor brands and become less popular (and thus less profitable). What good are traditions if they do not complement the capital and brand awareness? ‘Business Tradition to Innovation’ has been created to educate individuals groups and business organizations across India about the importance of innovation. It shines the torch on how civilization has made the purchase and sale processes of many entrepreneurs easier and faster. You will learn how innovation has influenced entrepreneurs to reach out to their customers and vice versa. ‘Business Tradition to Innovation’ also spotlights the weightiness of innovation and the repercussions of resisting modern technological changes. Lastly this book presents eight real-life case studies of companies that have effectively pivoted their businesses during the pandemic.