Business Standard: May 12, 2017
Mumbai: The Tata group garnered $1 billion in annual revenue from 30 innovations that were showcased at Tata Innovista - an annual programme of the group to encourage, recognise and showcase innovations — in the past three years.
The new business from innovations is set to accelerate with microbiome-based biomarkers, invented by Tata Consultancy Services (TCS) to diagnose preterm birth and colorectal cancer.
“It is a tip of the iceberg,” said Gopichand Katragadda, group chief technology officer.
Microbiome is the collection of microorganisms in a part of the body. Microbiome-based diagnostics can help in asymptomatic diseases which have atypical condition showing no apparent symptoms. Currently, such diseases are diagnosed very late, affecting a lot of people.
TCS’ biomarkers are low-cost, non-invasive early stage diagnostic solutions. “This is the most promising innovation in the last three years as each disease has potential market of a couple billion dollars,” said Katragadda.
The firm has already filed over 40 patent applications for this and got grant for 12. These biomarkers have got the Tata Innovista award under the piloted technology category.
Tata companies showcased over 3,300 'implemented innovations' in its annual programme this year, representing a growth of 110% in two years. A significant number of these incorporate digital technologies, particularly in the areas of industrial automation, customer experience enhancement, and advanced engineering simulations.
Implemented innovations include new products, new services, core processes, support processes, and design.
“Our industries are in the midst of tectonic shifts driven by the democratisation of digital, automation of decisions, and a focus on the environment. The Tata group has continued to lead in intellectual property generation from artificial intelligence to microbiomics and from driver-assist technologies to new 2D materials,” said Katragadda.
Implemented innovations are those that have been successfully implemented and have accrued benefits to the businesses. Piloted Technologies are at various stages of development and promise to deliver significant benefits after implementation.
The 'Dare to Try' category comprises courageous attempts that did not achieve the desired results but have potential for success. The Design Honour category are innovations focusing on design thinking.
A total of 52 Tata companies across 22 countries submitted their projects in Tata Innovista 2017.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.