GUIDELINES ON INNOVATION IN THE FURNITURE SECTOR

• Interest & usefulness for the manufacturer


ANALYZING the etymology of the word innovation, we discover that the word stems from the Latin verb novus. A verb that ranges in meaning depending on the object in question. In fact, it can mean a simple renewal or change (from in- “into” + novus “new”) of an object in question or it can mean to revolutionize it or invent something new. In fact, the Oxford dictionary defines innovation as “the introduction of new things, ideas or ways of doing…. a new idea that has been introduced or discovered”.

Regardless of one’s position on its etymological definition, what’s important for companies in today’s economy is that “innovation has become the industrial religion of the late 20th century. Business sees it as the key to increasing profits and market share. Governments automatically reach for it when trying to fix the economy. Around the world, the rhetoric of innovation has replaced the post-war language of welfare economics. It is the new theology that unites the left and the right of politics”

This statement by Gregory Daines of Cambridge University. is one of many that continuously bombards our times and underlines the central role that innovation is playing in our modern economy. It’s not the mere definition of innovation however that can support companies in navigating the landscape of innovation, but more so the classification and terminology that can allow companies to create a common nomenclature of innovation principles that can guide them through the arduous task of innovating in a global marketplace.

Therefore, the objective of this manual is to give you a general understanding of innovation from an industrial-productive perspective in order to create the foundation that can support you in making innovation a fundamental element that defines your companies positioning with a globalized marketplace. To accomplish this objective, the manual is divided into 3 parts. The first section discusses the basic theories and nomenclatures of innovation. It has the objective to give you a general background and knowledge of the art and science of innovation. The second section of this manual instead focuses on describing the different approaches that companies adopt in strategically managing innovation. Finally, the last section is intended to help you understand in what position you are in managing innovation by offering a step-by-step diagnostic exercise that you can conduct on your company so that you can measure how well your are faring with respect to the market. In particular, it looks at the new product development metrics that can help you orient yourself in adopting a particular innovation strategy.