Business environment today is highly turbulent and competitive, with the companies being exposed to a multitude of risks and uncertainties including global economic slowdown, worldwide credit crunch, exchange rate fluctuations, unexpected technological changes, mounting inflation & environmental sustainability, etc. The business managers, nowadays, are confronted with varied innumerable challenges and to thrive in such risk prone global markets has become even more difficult for them. To combat this changing business scenario, the inevitable solution is to Innovate. Corporate managers need to Rethink, Redefine and Redesign their business processes & models as they adopt innovative business practices & strategies for their success and survival.