Innovative Culture: An Intervention Strategy for Sustainable Growth in Changing Scenario

To-day¡¯s era is very hypercompetitive, a key feature of the new economy in the changing business scenario. The pace of change is increasing at an exponential rate. Continuous change and maintenance of high standards of quality products, services and processes have become prerequisites of the organization¡¯s success in to-day¡¯s competitive world. Organizations can rarely stand still for long. In highly competitive environment, where competition is global and innovation is continuous, change has become a core competency of organizations. Change refers to making things different. Innovation is a more specialized kind of change. All innovation involves change, but not all changes necessarily involve new ideas or lead to significant improvement or radical breakthroughs. Competitive climate requires organizations to institutionalize the process of innovation ¨Cto plant the seeds of innovations can utterly transform a scenario, involves the unfreezing-change-refreezing process. Innovation is not a thing that can be purchased or installed like a computer system. Rather it is a culture that must be adopted and nurtured which extracts values from assets old and new, and rejuvenates and revolutionizes industry, society and business. Innovation is an act of changing the established way of doing things, the ability to turn knowledge into value and link emerging technologies with emerging markets and is about bringing creative new ideas to life. The process involves the ways in which norms and values are set and practiced, holds innovative driven culture. This innovative culture can give competitive advantage; provided it is deeply rooted in the functional aspects of the organizations¡¯ culture, where the productive potential of people¡¯ knowledge and actions are guided and governed by the spirit and principles of OCTAPACE and innovative cultures. These cultures get into hyper drive mode to keep growth engine humming. The article examines this context and argues that organizations can use innovative culture as a strategic intervention for managing change for survival and growth.