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Analysis of Factors Influencing Product and Process Innovation for Smart Manufacturing

In: Innovation Analytics Tools for Competitive Advantage

Author

Listed:
  • Anilkumar Malaga
  • Sekar Vinodh

Abstract

Manufacturing is becoming sophisticated, computerized and complex. Intelligent production presents obstacles and opportunities. Implementation of Smart Manufacturing (SM) is a challenge for industry practitioners. The introduction of smart factories involves significant innovation in processes. However, organizations face enormous hurdles in introducing smart factories in view of the structural change that needs to be competitive. Process innovation is the introduction of new or significantly enhanced methods of development or distribution. The prospects for the technical and economic growth of smart products are enhanced by technological advancements. Today, in order to secure a significant growth force, the automotive sector strives to enhance productivity through product and process advancements in combination with the latest technologies. Product and process innovation has to be done in order to implement SM in organizations. Certain factors will influence innovation for SM. This work focuses on the identification of appropriate factors influencing product and process innovation in smart manufacturing. Factors are prioritized using an appropriate multi-criteria decision-making approach. The identification and analysis of influencing factors of product and process innovation for SM are the novel contributions of this study. The study enabled industry practitioners to focus on factors of product and process innovation for smart manufacturing.

Suggested Citation

  • Anilkumar Malaga & Sekar Vinodh, 2023. "Analysis of Factors Influencing Product and Process Innovation for Smart Manufacturing," World Scientific Book Chapters, in: Nachiappan Subramanian & S G Ponnambalam & Mukund Janardhanan (ed.), Innovation Analytics Tools for Competitive Advantage, chapter 5, pages 99-115, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781786349989_0005
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    More about this item

    Keywords

    Innovation; Analytics; Business Management; Product Development; Process Innovation;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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