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Innovation in business creates niche markets

Businesses that invest and promote innovation are always assured of improved performance, creating a brand image and acquiring the niche market, according to experts from two distinct professions.

Lawrence Ponniah, Managing Partner of Corban Revell Lawyers and Daran Nair, Director of Nair & Chen Associates Chartered Accountants, said that every organisation has the opportunity to innovate, be it a product or service and be successful in an extremely competitive environment.

“Innovation also motivates employees to improve their own on-the-job performance and enhance their career prospects. Every company, irrespective of its size, should constantly explore avenues to promote customer satisfaction and increase its market share. That is the dynamism needed in today’s market,” they said.

The driving force

The two firms are joint sponsors of the ‘Business Excellence in Innovation’ Category of the Indian Newslink Indian Business Awards (IBA) 2014.

Winners and finalists in this category in the past years have said that innovation has been a major force in the progress and development of their companies and that their innovative approach had enabled them to retain customers and attract new clients.

Such organisations encourage their staff at all levels to suggest new ways to retain customer loyalty and consider their involvement as vital to their operations.

Empowering people

Mr Ponniah said that his firm’s Mission is to empower people.

“As a sponsor of the ‘Business Excellence in Innovation’ category, we take this Mission seriously and look to businesses going that extra mile and taking innovative steps to empower themselves, their business and their clients. We are proud to be a part of acknowledging these forward thinking businesses and want to recognise their efforts and successes,” he said.

“Innovation is the key to maintaining an edge in your field, being a leader in future advances in processes or delivery of services to clients. In the fast-paced business environment, innovation is a vital component to keeping your business current and energised.”

Crucial factor

Mr Nair agreed, saying that innovation is indubitably crucial in modern business.

“It is the catalyst for growth and success. Successful businesses today understand the need to continually improve existing processes, products and services and implement new ideas to stay ahead in their industry,” he said.

“By sponsoring the ‘Innovation Award,’ we hope to promote awareness of the exceptional entrepreneurial skills and business acumen of Indians in New Zealand and their positive contribution to the economy,” he added.

Legal experts

Established in 1977, Corban Revell Lawyers is a full-service law firm, advising public and private sector clients on all legal issues.

The firm prides itself of providing first rate legal advice, meaningful and proactive guidance to clients, thereby establishing professional relationship with clients and assisting them in pursuing their aspirations.

“We work in partnership with our clients in a way that ensures their priorities and objectives are championed, and our expertise provides them with the confidence that their interests are protected, and their legal compliance obligations are met,” Mr Ponniah said.

Keeping pace with developments in technology, Corban Revell recently made a significant investment in upgrading its computer systems and information resources, creating efficiencies and innovations in technology to deliver efficient legal advice.

Professional Accountants

Nair & Chen Chartered Accountants specialises in providing accounting, taxation, and financial advice to small and medium-sized businesses.

“We have extensive skill and experience in dealing with complex tax matters, tax disputes, tax planning and trust matters. Over the years, we have gained reputation as a small, honest, customer-focused practice that does not compromise on quality and efficiency,” Mr Nair said.

Chad Wilkie, Convenor of the independent panel of judges, said that entering the IBA provides a rare opportunity for participating companies and individuals to be rated alongside their peers, and to get feedback from very experienced business people evaluating the entries.

“The Business Excellence in Innovation Award’ recognises a business with an innovation culture which leads to improved business performance. The judges are looking for evidence of systems which capture innovative ideas resulting in improved processes, products and services for customers,” he said.

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