THE GLOBAL INVESTMENT COMPANY: LEARNING FROM INDIA
Case Background Information: The Global Finance Company (GFC) is the private arm of the Global Bank. It is tasked to foster economic growth in developing countries and performs several important tasks to achieve this goal, such as financing private sector investments, moving capital in the global financial markets and providing advisory services to businesses and governments. The Mumbai office director is looking to increase the development of new products and services and new ways of meeting the customers' needs applying reverse innovation principles and knowledge management, as long as these efforts provide value to the organization. The Advisory Services department would seem to especially benefit from these practices since it the issue of developing local ideas and disseminating them from all regions and business lines is becoming critical.
GFC is poised to benefit from an innovation and knowledge management system, and the Mumbai office is the perfect pilot from which to start.
There are prime examples in the Mumbai metro area of companies that have been very successful at creating and managing innovation. Some have called India an Innovation Mecca due to the way they have leveraged their resources in creative and frugal ways to find solutions for their customers forms the concept of Indian 'jugaad' and have helped many Indian companies find success in the global stage.
By employing some 'jugaad', we believe that GFC can successfully employ a knowledge-sharing system which the company can leverage to bring about new ideas and innovation to its Advisory Services division, and beyond. This will be done by employing current technology and human resources with which the organization can extract value out of the collective (technological, cultural and procedural) knowledge that already exists informally. This will be the platform by which innovation development can flourish.