Innovation Engineering outlines a very systematic approach to innovation. The core concepts of innovation engineering are:
Tools and methods for creation
Communication
Commercializing viable ideas for implementation
Innovation in engineering expedites the flow of innovations in the marketplace. It addresses the core needs of departments and subdivisions. It taps new opportunities and can affect the sales and profit margins dramatically. Innovation is a four-stage process, which are:
· Define
· Discover
· Develop
· Deliver
It also incorporates various project management systems such as Six Sigma, Hoshin Planning, and compression planning.
Creativity is observing what everyone is observing, but no one has thought of yet. The invention is translating those new ideas into proper products. Innovation goes further by improving those existing products. The necessity of engineering is to convert thoughts into actions (ideas into products).
Engineers are the forerunners of technology and therefore drive innovation in each segment. Engineers should have better skills for facilitating innovative skills and fostering an innovative environment. Humanity reaps many benefits of innovative engineering, so effective learning and stimulating growth are necessary precursors to fostering such an environment conducive to innovation.
Describing Innovation
Many factors play a role in innovation engineering apart from research and development. It involves end-to-end processes extracting value through practical implementation. Innovation consists of the following elements:
· Creating new methods, services, products, and processes
· Viewing methods from a new angle entirely
· Producing new activities
· Moving beyond the established norms
· Improving the present processes
· Circulating new ideas and activities
· Promoting an innovative culture
· Adopting new methods and processes
Innovation is essential since it’s directly related to productivity. There are several factors for increasing productivity, innovation apart from these.
Due to a lack of sustained innovation in an environment, expansion in labor-based economies will experience a steady decline. Several industries are essential for the necessary growth of a country, such as a telecom, mining, construction, and manufacturing industries. By increasing innovative processes in each field, the economic prosperity of a nation can undoubtedly be improved.
Barriers that comes in between innovation
Technological innovation is produced by much-needed breakthroughs in technological research and development while redefining and improving methods and processes. All of these elements create more opportunities. The aim is to gauge the return on investment by measuring the risk factor against in.
Apart from increased R&D funding, an innovative culture and climate are also needed, while people with the right caliber are even more necessary to foster an innovative environment. Mentioned below are the factors hindering an innovative environment:
· Lack of undefined market needs/ challenges
· Incompetent/ lack of commitment and leadership from management
· Lack of finances
· Averting risk at every corner
· Unwillingness to comply with standards
· Averting risk at every corner
· Unwillingness to comply with standards
· Stringent government policies hindering the innovative environment
· Incompetent staff
· Stringent government policies hindering the innovative environment
· Incompetent staff
· The R&D department being unable to produce innovative techniques
· Focusing on cutting costs
· Lack of financial/workforce capital
These factors have historically hindered the effective development of urban infrastructure and modernization. These need to be overcome if you realize the true potential of innovation engineering.
