Innovation Management in the Automotive Design & Manufacturing Industry

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ABSTRACT The car industry has constantly provided us the consumer with a wide range of choices and varieties to suit our needs, but with the vast amount of competition how do car manufacturers attract our attention. Unique designs, impressive technology, price and customer service are all the areas consumers look for in a car, to meet these demands car manufactures need to constantly come up with new ideas to stay ahead of other competitors, introducing creative ideas which are better than what was in use previously is innovation. Innovation can also be implemented internally as it can help manufacturers be more efficient and reduce costs before products are released. Depending on resources and stature, each manufacturer will manage…show more content…
Managing innovation effectively can turn companies around dramatically, allowing companies to be ahead of its competitors. Introducing new technologies and products will help businesses attract customers and provide a unique selling point. It can also help cut costs along with raising profits. Effective innovation allows for new opportunities and may lead companies getting a larger market share and may even break companies into new markets. Good innovation can also increase employee motivation and moral creating an efficient working environment.
However having a good idea doesn’t mean a company is innovative, making the idea work effectively so that it brings value to the business is successful innovation. Furthermore innovation can also propose risks and if not carefully executed innovation may harm the business. New ideas need to be carefully executed after in depth research, if this is not done correctly a new idea is likely to fail incurring unnecessary costs and falling profits. It may also result in competitors taking advantage of a failed idea making a business vulnerable losing its clients as they may begin to look elsewhere.
Ultimately innovation is very important it is a strategy that needs to be implemented with a lot of thought and analysis.
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