Innovation

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What is Innovation

Innovation is a key part of engineering, organisation invest huge amount of money on innovation, research and development to gain competitive advantage to adapt and expand business in the marketplace

How innovation can help competitive advantage or provides a commercial activity

Quality

The product/service will have better quality, this will attract more customer and will likely to meet or exceed customer needs. To extent this will make the engineering organisation to have higher sales and profits.

Increase Product Range

If a engineering organisation have only single or limited product, they will gain advantage from innovation because from the process of research and development they will discover more products that they can use. A business with more product ranges meet more customer demand and expectation therefore there is higher sales and profit, to extent the shareholder risk is reduced.

Productivity and Cost

A lot of processes of research and development is about reducing the manufacturing cost, this will affect to increase the production flexibility/capacity of the organisation therefore this enable the organisation to utilize economies of scale.