Smart manufacturing, like many other industry “smart” initiatives, harnesses a plethora of integrated people, process, and technological elements to drive successful value creating outcomes. Smart manufacturing employs computer-integrated manufacturing, high levels of adaptability and rapid design changes, digital information technology, and more flexible technical workforce training to drive fast changes in production levels based on demand, optimize the supply chain, and drive efficient production and recyclability. It has interoperable systems, multi-scale dynamic modelling and simulation, intelligent automation, strong cyber security, and networked sensors.
Innovation management allows organizations and their internal and external stakeholders to harness a systemic approach to integrating innovation into all the layers of the organizations in order to seize and create opportunities for the development of new solutions, systems, products and services.1