Title: Strategic alignment of technological innovation initiatives in cutting tool industry in the region

Authors: Davinder Singh, Tarun Nanda, T.P. Singh

Addresses: Department of Mechanical Engineering, Rayat Institute of Engineering and Information Technology, Ropar, Punjab, India. ' Department of Mechanical Engineering, Thapar University, Patiala, Punjab, India. ' Gulzar Group of Institutes, Khanna, Punjab, India

Abstract: In today|s competitive business environment, global competition forces companies to perpetually seek ways of improving their products and services. Markets have become more open, competitive and the customers more demanding. The need of the hour is to deliver high-quality products through continuous improvements in product features, bring new products to the market faster, make product changes faster and more manageable, improve forecasting accuracy of the product demands, reduce costs, improve employee training, skills and education levels, improve information systems and networks, achieve greater flexibility of manufacturing functions. These formidable changes have forced the organisations around the world to adopt innovative and state-of-the-art strategies to suitably address the all important issues of organisation survival, growth and excellence. The key driver of organisation|s ability to change is innovation. Thus, the organisations are left with no choice but to upgrade the existing systems, products and technologies for their survival. The present work explains that creativity and innovation are the necessary ingredients for developing new technology. The study presents a detailed analysis of the various factors and issues affecting technological innovation initiatives of tool industry in the region and their relative significance in affecting improvements.

Keywords: small-scale sectors; cutting tool industry; technology development; technological innovation initiatives; creativity; research and development; R&D function; SMEs; small and medium-sized enterprises; competitiveness; machine tools; new technologies.

DOI: 10.1504/IJTPM.2009.032052

International Journal of Technology, Policy and Management, 2009 Vol.9 No.4, pp.358 - 386

Published online: 05 Mar 2010 *

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