Futuristic impact on organisational effectiveness of frugal innovation on switchgear industry

Abstract

This research investigates the future influence of frugal innovation on organizational performance in the switchgear sector, with a focus on Nashik and Ahmednagar districts of Maharashtra. The aims are to examine the impact of frugal innovation on cost-effectiveness, sustainability, and competitiveness; evaluate the contribution of new frugal innovation strategies to improving operational performance and market responsiveness; and determine challenges and opportunities in implementing frugal innovation. A mixed-methods design involving descriptive and exploratory design was followed, and 150 switchgear professionals were targeted through stratified random sampling. Primary data were gathered using structured questionnaires, whereas secondary data were collected from industry reports and case studies. Statistical methods like descriptive analysis, correlation, regression, and factor analysis with the help of SPSS and Excel were utilized to analyze the data. The findings provide evidence of the positive and statistically significant effect of frugal innovation on organizational effectiveness, where frugal approaches manifest a significant impact on operational performance and market responsiveness. While it faces some hurdles such as resistance to change and regulatory barriers, the implementation of frugal innovation facilitates cost optimization, responsiveness, environmental stewardship, and broadened market coverage. In addition, the research ascertained the existence of statistically significant positive association between frugal innovation and issues and challenges associated with it as a pointer towards increasing strategic practice of innovation within the switchgear sector. The research offers important lessons to industry players who seek to attain competitive edge and sustainable growth via frugal innovation, and that aggressive investment in frugal strategies will be the key to success in the future highly competitive and fast-changing switchgear industry.