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Existing product development is a process of innovation where products/services are redesigned, refurbished, improved, and manufactured which can be at a lower cost. This will provide benefits to both the company and the consumer in different ways; for example, increased revenue (benefits the company) cheaper costs (benefits the company and ...
A continual improvement process, also often called a continuous improvement process (abbreviated as CIP or CI), is an ongoing effort to improve products, services, or processes. [1] These efforts can seek " incremental " improvement over time or "breakthrough" improvement all at once. [ 2 ]
Smartstores – RFID-based self-checkout (keeping track of all incoming and outgoing products), food packaging, smart shelves, smart carts. See: potential uses: Software-defined radio: Development, commercialization Cognitive radio, Mesh networks, Software defined antenna
"New market disruption" occurs when a product fits a new or emerging market segment that is not being served by existing incumbents in the industry. Some scholars note that the creation of a new market is a defining feature of disruptive innovation, particularly in the way it tend to improve products or services differently in comparison to ...
Productivity-improving technologies date back to antiquity, with rather slow progress until the late Middle Ages. Important examples of early to medieval European technology include the water wheel, the horse collar, the spinning wheel, the three-field system (after 1500 the four-field system—see crop rotation) and the blast furnace.
Thomas Edison with phonograph in the late 1870s. Edison was one of the most prolific inventors in history, holding 1,093 U.S. patents in his name.. Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. [1]
Continuous improvement is defined as the propensity of the organization to pursue incremental and innovative improvements in its processes, products, and services. [21] The incremental change is governed by the knowledge gained from each previous change cycle.
Technological change (TC) or technological development is the overall process of invention, innovation and diffusion of technology or processes. [1] [2] In essence, technological change covers the invention of technologies (including processes) and their commercialization or release as open source via research and development (producing emerging technologies), the continual improvement of ...