Innovation in Manufacturing:

Manufacturers must redefine innovation to survive industry transformation

The manufacturing industry is undergoing a fundamental, long-term transformation-and the approaches to innovation that worked in the past won't suffice this time. By 2025, a new global consuming class will have emerged and the majority of consumption will take place in developing countries-which means new opportunities. These shifts in demand will coincide with the emergence of breakthrough innovations in materials and processes like nanomaterials, 3-D printing, and advanced robotics.

To adapt to these changes, while overcoming persistent pressure on their margins, manufacturers will need to redefine what innovation means for their business. In this paper we discuss the heightened need for innovation, some common challenges, success tactics, and actionable advice for creating a culture of innovation in your company.

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