Innovate to Win, not to Shrink
For a business to thrive in a marketplace amidst its competitors, a growth based innovative model is vital. While new products and services, streamlining processes or branching new markets can help in developing the business innovatively; an inherent clash or contradiction in the innovation strategy due to difference in opinions or any other external factor can lead to the shrinking of the business rather than its expansion and growth.
Let us take a few instances of how innovation has contributed to the growth of companies while the slightest contradictions in innovation strategy have led to the fall of others. The once mobile giant, Blackberry (BBRY) paid a heavy price for its failure to respond to the iPhone disruption. Nokia (NOK) also made similar mistakes over a period of time. The iPhone proved that consumers wanted not just better phones but well-designed mobile Internet devices. Blackberry’s failure was also due to a contradiction in the innovation strategy of the company due to its two different CEOs thinking on two different lines.
Meanwhile, companies like Twitter and Micromax have experienced growth and development by keeping up with the demands of the market through innovation. Twitter was among the first to take meaningful action to stop patent wars with its Innovator’s Patent Agreement. The company launched version 1.0 of the IPA. Micromax too has been able to differentiate itself from the competitors through innovation and design. Its strategy focuses on innovating, designing and using the latest technologies to develop products at affordable prices.
To keep up with the global trends, Indian companies are gradually considering the idea of innovation. Draft n Craft Legal Outsourcing Pvt. Ltd., a legal outsourcing firm in India, believes in the idea of constant growth through innovation. For example, keeping up with the latest developments in the healthcare policies of USA, such as the Patient Protection and Affordable Care Act (PPACA), commonly known as Affordable Care Act (ACA) or “Obamacare”, Draft n Craft has come up with the process of medical records summarization which converts bulky medical records into easily accessible medical summaries for the use of attorneys and medical professionals. The company is soon going to seek Patent for a process (a mix of technology and paramedical staff) that allows economical summary of a plethora of medical records. The company has consulted with some leading law-firms regarding the concept and the feedback has been utilized to make the process robust. The company has now made large scale medical records summarization available commercially.
“The unique blend of technology and process used by us to produce medical records summaries have proven beneficial for attorneys. Not only are the summaries a useful tool for early case assessment but they also provide for a quick review of medical documents at any stage of litigation”, said Jagriti Mishra, Director – Transformation & Transition, Draft n Craft.
About Draft n Craft
Established in 2008, Draft n Craft is a cut to the chase Legal Process Outsourcing Company with strong and dedicated work force of professionals. Having established a brilliant track record, Draft n Craft has been partners of growth to many of the law firms and corporations in the UK and US. Draft n Craft‘s supreme focus has always been on helping lawyers deliver the best value to their clients by working on process and technology optimization, and by devising ways to rationalize client’s operational spending.