The report focuses on the importance of innovation in a strategic decision of an organisation. The report analysis the innovative designing of a particular product to be launched in the business market. The product in focus is a smart watch that has already been launched by many reputed companies like Apple. The benefits that are obtained from creating new products along with keeping old products are analysed in the report. Apart from this, the 4P’s of innovation are analysed and the opportunities and threats that companies face while innovation is also provided.
According to Drucker (2014), innovation is a method of generating new ideas for a product. The design of the product is done in a manner so that it helps in maintaining uniqueness and provides a proper cost for an organisation. In this regard, it can be said that innovation consists of 4 main elements consisting of process, position, paradigm and product. These elements are essential to understanding in order to make innovativeness of a product. The model gives an idea of the things that need to be done and the direction needed to go in a business in order to improve the business. Every step needs to be questioned from the point of view of the organisation as well as from that of the customers.
Bain & Kleinknecht (2016) stated that every company faces some type of opportunity during its innovative practice. The opportunities faced by the companies include expansion in foreign territories as well as an improved reputation in the business. Both point to the direction of gaining a competitive advantage in the market. Such a competitive advantage can help in ensuring that employees are motivated to continue to innovate products. However, Kleinknecht (2016) stated that with the opportunities threats also exist. The threats include replication of ideas. This normally happens if proper marketing research is not conducted. Such a threat can be considered to have a negative impact on the organisation.
Concurrent engineering helps in the simultaneous designing and development of products. The different stages of product designing and development are run in a simultaneous manner rather than in a consecutive manner (D’Innocenzo, Mathieu & Kukenberger, 2016). The benefits of such Concurrent engineering for the development of old and new products are that the simultaneous development reduces the product development time. This is a huge advantage for the organisations as the saved time can be used for further improvement of the product or for designing the product in a proper manner. However, with the benefits that are provided by Concurrent engineering certain issues also remain that create concern for the managers (Bain & Kleinknecht 2016).
Kennedy, Sommer & Nguyen (2017) stated that the biggest risk that a company faces with the application of Concurrent engineering is the fact that both products may be done using the same components and design materials. This can cause a huge disadvantage, as most organisations tend to create unique sets of products. The innovation is mainly seen in the designing of a product in order to avoid feeling monotonous. The simultaneous designing of products may increase the risk of repetitive designing of the same product. Thus, the workers need to be careful while implementing this design strategy in order to avoid the repetition of the product designs (Byers, 2016). Apart from this, another disadvantage that may occur is the lack of consistency in designing. The simultaneous designing of the products may not have the consistency, as the machines and method of devising these products are different from each other.
The product is a smart watch that helps people to not only know the time but also to use it as an android phone. It is manufactured using the British Standards of manufacturing products. The manufacturing of designs of the product is done keeping in mind this standard and the terms set by the standards such as BS 8887-1:2006. The other features of the smart watch include surfing internet, social media, listening to music along with checking vital signs of an individual such as heart rate level. The smart watch is designed to serve all the basic purpose of an individual.
Reason (2016) observed that it is important for every manager to link the needs of the customers with that of the needs of engineering and components. This is important in order to satisfy the customers and deliver the product in a manner as promised to the customers. In this regard, it can be said that the smart watch is designed keeping in mind the requirements of the people. In the modern world, people want to be associated with technology at all times. Hence, the engineering and the component requirement of the smart watch meets the requirements of the customers. The components such as cloud saving and cloud connection helps in connecting to the internet via the use of the watch.
Failure modes and effects analysis (FEMA) is conducted to perform a systematic analysis of the possible failures of a product. In the case of the smart watch, the possibility of failure can result in the malfunctioning of the basic function of the watch. However, the high rate of failure occurrence remains in the internet connection and consequently the entire working of the watch. In this regard, calculation of the Risk Priority Number (RPN) can be done. It is calculated by multiplying the severity of failure with the occurrence of it and the proper detection of the problem (Refer to appendix 1 for calculation).
According to Barth (2017), the Boothroyd & Dewhurst assembly analysis is conducted in order to detect any flaws in the designing of a product. This provides an advantage as the production can be stopped with the detection of the problem. In the case of the smart watch, designing and placing the chips in delicate positions in the watch can create problems. With the help of Boothroyd & Dewhurst assembly analysis, this problem can be detected while the manufacturing is being done. This is because the efficiency of the employees can be understood at an early stage of manufacturing a product.
The key components of the products include PC Board, Microphone, USB controller and RAM. The manufacturing of these components need to be done in a miniature form enough to cover the bases of the watch. Perfect fit of these components are required in order to make it function in an effective manner. Apart from this the touch screen controller need to be low sensitive so that unnecessary controlling does not occur.
In this regard, it can be said that the smart watch can be further improved by providing opportunity to make calls. This can be a huge addition for the customers as people can avoid the use of mobile phones at all times for calling. However, changes in the software are required in order to ensure that overheating does not take place. In order to ensure this, it is required that the manufacturers develop a miniature-cooling fan in the processor so that the excess heating can be prevented.
The tools required for the proper functioning of the smart watch includes the RAM, processor, PC Board and so on. The benefits of these include proper functioning of the smart watch and serving its purpose to the people. The significance of these tools in the designing process is that it helps in making the product more comprehensive and applicable for the use of the people. The link between customer requirement and the engineering requirement can be maintained with the application of this manufacturing style.
Conclusion
Thus, it can be concluded that innovation of products can be done based on the proper analysis of the resources and the analysis of the elements related to innovation. In the case of the smart watch, the probability of failure of the product is high owing to the delicate nature of the product. This provides opportunities for improvement and help in finding new ways to make the product more innovative for the use of the customers.
After the analysis of the report, I have learned that innovation in a proper manner provides opportunities for improvement for an organisation. However, it is also a risky venture as a simple false step may lead to the failure of the product. I have done well to find a product that has seen the biggest application of innovation in the modern world. In future, I would work with a product that can be innovated in order to be made more useful in the everyday lives of people over the years.
Reference
Bain, D. & Kleinknecht, A. eds., (2016). New concepts in innovation output measurement. Springer.
Barth, R.P. ed., (2017). Adoption and disruption: Rates, risks, and responses. Routledge.
Byers, J.P. ed., (2016). Metalworking fluids. Crc Press.
D’Innocenzo, L., Mathieu, J.E. & Kukenberger, M.R., (2016). A meta-analysis of different forms of shared leadership–team performance relations. Journal of Management, 42(7),1964-1991.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Kennedy, D.M., Sommer, S.A. & Nguyen, P.A., (2017). Optimizing multi-team system behaviors: Insights from modeling team communication. European Journal of Operational Research, 258(1), 264-278.
Kleinknecht, A., (2016). Innovation patterns in crisis and prosperity: Schumpeter’s long cycle reconsidered. Springer.
Reason, J., (2016). Managing the risks of organizational accidents. Routledge.
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