Innovation Process: A Review of Existing Models and Development of an Alternative Model
The intense competition in today’s global business environment has forced the manufacturers to innovate products more often. However, innovation process is risky and manufacturers often aim to introduce new products with lower development costs, shorter lead time and better quality. Thus, an appro...
| Main Authors: | , , , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2011
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| Subjects: | |
| Online Access: | http://umpir.ump.edu.my/id/eprint/10168/ http://umpir.ump.edu.my/id/eprint/10168/1/Innovation%20Process-%20A%20Review%20of%20Existing%20Models%20and%20Development%20%20of%20an%20Alternative%20Model.pdf |
| Summary: | The intense competition in today’s global business environment has forced the manufacturers to innovate
products more often. However, innovation process is risky and manufacturers often aim to introduce new
products with lower development costs, shorter lead time and better quality. Thus, an appropriate innovation
model needs to be developed to ensure that the objectives can be met. Previous works on product innovation
revealed that a number of innovation models with different concepts and compositions have been produced and
validated. The studies showed that previous researches were having disagreement on not only the most effective
model of innovation, but also the key elements that affect a business’s ability to produce a successful innovation.
This paper presents a review of the work related to innovation process including: the need for systematic
innovation process, current models of innovation process and key elements of successful innovation. This paper
then highlights the developments of an alternative innovation model, which focuses on the application of
functional build (FB) approach to manufacturing process as an essential control element of the final product
specifications. |
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