Professor Costas Chryssou presented at the Industry Innovation Forum in Muscat, held on the 6th and 7th of February 2017, at the Sheraton Hotel. The Forum was a two-day event organised by the Ministry of Commerce and Industry (MoCI) and was held under the patronage of H E Dr. Rawiyah bint Saud Al Busaidiyah, Minister of Higher Education.
Innovation is considered as a major driver of competitiveness in manufacturing organisations in the current disruptive, global business environment.
This paper defines innovation in general terms and in the context of the manufacturing industry and describes types of manufacturing innovation namely, product, process, and business model innovation; it also categorises innovation in terms of technological progress versus market impact into incremental, breakthrough, disruptive and transformational innovation.
Taking into account current challenges that manufacturing companies face it builds the case for the need of a balanced innovation approach across all the above types of innovation for organisations to remain competitive, survive and grow using a portfolio approach to innovation management.
Finally, presents the open innovation model as a way to assist organisations to accelerate their product development pipelines and launch new products reducing time to market; it further suggests a number of leading and lagging key performance indicators to assist organisations to effectively measure their innovation performance.
Please click here to download the presentation entitled: “Balanced Approach to Innovation in Manufacturing Organisations”, by Professor Costas Chryssou