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2009 Vol.3
Pro-Innovation Management in the Manufacturing Industry

2009/07/01

Facing the current worldwide economic recession, a number of companies are engaging in cost reductions and organizational restructuring as urgent measures to maintain their profits. However, this alone is not expected to stabilize earnings in the long run. In order to ensure fundamental improvements in earnings and growth, more added value must be created through technological innovation and new product development. Therefore, concrete measures to incorporate innovation activities into business operations need to be examined. Innovation can be considered as solving customers’problems with the use of new technology and realizing improvements in earnings. To accomplish this, companies must examine ways to create new technologies, explore new combinations of existing technologies, and apply existing technologies to new areas. There are several factors to be considered by a company in order to achieve successful innovations and profit from them with certainty: (1) The identification of types of innovations needed for its own business operations. (2) The creation of its core technology. (3) The preparation of a technology roadmap. (4) The strengthening of capabilities to match consumer needs and company offerings. This article explains ways to satisfy these factors using concrete concepts, measures, and examples.

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