Prof. C K Prahalad
‘The New Age of Innovation ‘ by Prof. C K Prahalad & Prof.M S Krishnan – is the answer to Manufacturing Competency in India
The book argues that “the industrial system as we know it, has been morphing for some time. Now it may have reached an inflection point. Prahalad and Krishnan outline the approach that firms in the new economy must take to survive and become successful. The previous choice between low cost and differentiation is rarely the chief strategic choice anymore, firms must achieve what Prahalad and Krishnan call N=1 and R=G.
N=1 states that “value is based on unique, personalized experiences of consumers.” That is, even companies serving 100 million consumers need to focus on individuals.
N=1 requires companies to focus on the importance of individual customer experiences and tailor their product accordingly. It requires that companies have resilient, dynamic and flexible business processes. They also emphasize the importance of strong analytics which allow management to discover trends and unique opportunities and enable the company to engage in product co-creation with their consumer base’’
