IMPORTANCE OF INNOVATION AND ROLE OF ENGINEERS IN

THE SOCIETY

What is Innovation?

Innovation is the application of new ideas to the products, processes, or other activities that lead to increased “value.” This “value” is defined in a broad way to include higher value added and also benefits to consumers.

Product innovation: A new product, or significant change in an existing product.

Process innovation: A new process for making or delivering goods and services.

What is Innovation?

Innovation = theoretical + technical + commercial

conception invention exploitation

Innovation is the management of all the activities involved in the process of

idea generation, technology development, manufacturing and marketing of a

new product or service.

Why is innovation becoming important?

Technology is changing fast, new products come from new competitors

Fast changing environment, product lifecycles, replace products sooner

Products are increasingly difficult to differentiate

Customers are sophisticated, demanding, want customization, quality/price

New technologies no-one understands

Markets forming and changing fast

Continual pressure to deliver new/better products, processes and services

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Role of Engineer in Society

Engineers are essentially problem solvers, creators and innovators

Use fundamental knowledge of science to design/build/adapt

Have opportunity to make decisions/solve problems for benefit of society

Create new products/services to help the mankind lead better life

Create infrastructure on which other solutions can be built

Make products available to people at Bottom of Pyramid

Society improves through access to these new products/services

Characteristics required

Ethics

Frugal

Safety

Reach the masses

Reusability

Current technologies

Where to focus?

Infrastructure

Transportation

Agriculture

Logistics

Automotive

Aerospace

Manufacturing

Services

Distribution

Waste Management

Sanitation

Power and Water

Thanks for your attention