Knowledge and Innovation ISM 135, section 800 Fall 2014 8/31/14 What are knowledge and innovation? Knowledge is the understanding of a subject to help develop new ideas. Innovation is taking that knowledge and turning it into a new way of doing something, a new way of thinking or taking a product and making it better. Without knowledge there will not be any innovation. Innovation is the process Of taking the knowledge and turning it into a product, service or a new way of thinking.
Innovation can be difficult for many reasons according to Professor Sue Newel’s video it can be hard cause of cost restraints, time constraints, the need for the product or new idea changes or the new product didn’t turn out the way it was planned, it didn’t make the impact that was expected. Even though innovation can be difficult it is still necessary for any business. If a business wants to continue to grow and succeed they need to always strive to be better. They need to always be looking at ways to improve their product or services and ways to stay ahead of their competition.
ROI Tint The problem presented in the video was one of ROI Tint’s coal mines in Australia was having a problem with the brakes on a bulldozer. They tried to fix the brakes several times, but they couldn’t find a permanent solution. So the engineer in Australia posted about their problem in a collaborative forum. The collaborative forum is a place for the company to all come together to help solve problems and since ROI Tint is spread throughout the world they created an online forum. The engineer in Australia received a quick response back from a mechanical engineer in California who had encountered the same problem.
With the help from the mechanical engineer from California the engineer in Australia was able to fix their bulldozer quickly, whereas it had taken months for the mechanical engineer in California to solve it originally. Obviously one of the largest benefits to the collaborative forum is that problems may be able to be resolved faster within the company.