Tata Group spent Rs18,026 crore on innovations in 2015-16
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Mumbai: The Tata Group spent Rs18,026 crore ($2.8 billion) on innovations in fiscal 2015-16, and has filed for 5,000 patents in the last three years, Tata Sons Ltd’s group chief technology officer Gopichand Katragadda said on Thursday.
Every year, programs from Tata Innovista, an annual group-wide programme held to encourage innovation by Tata companies, have been generating revenue of $1 billion, Katragadda told reporters.
His comments came as the Tata Group on Thursday announced a doubling of implemented innovations over the last two years by Tata companies to 3,300.
The implemented innovations include new products, new services, core processes, support processes, and design. These are innovations that have been successfully implemented and have delivered benefits to Tata businesses.
A significant number of these innovations deploy digital technologies, particularly in industrial automation, customer experience enhancement and advanced engineering simulations, said Katragadda.
Emphasizing the need to take digital innovation beyond where it is today, he said companies which succeed will not do so just because they have digital technologies, but because they have either access to or have created data that can provide insights into new business models.
The intersection of biology, computing and materials and new materials will be among the key focus areas for the group, he added. A company like Tata Steel Ltd needs to position itself as a “materials company” instead of merely as a steel company, he added.