Innovation

Technical Innovation at a Factory

Technical Innovation

What is Technical Innovation

Technical Innovation is the process of implementing new ideas, related with practical knowledge or experience, into a productive process.

Technical innovation results in lower production costs or greater value added. Lower production costs can arise from better production processes. Greater value added can arise from new features or higher quality.

Innovation

What is Innovation

Innovation is the process of implementing a new idea or invention. The result of this process is to generate more added value, reduce costs or offering a new product or service to the market.

Innovation vs Invention

Innovation should not be mistaken for invention. The word invention refers to just the creation of a new idea or method. Innovation not only refers to the creation of a new idea, but also to its application in a productive process.

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