44 IoT AND INNOVATION

WILLIAM KAO

Department of Engineering and Technology, University of California, Santa Cruz, CA, USA

44.1 INTRODUCTION

Innovation is the watchword or buzzword of our day. Everywhere you look people are talking about innovation, and everybody wants to be the next Apple, Google, Netflix, or Uber.

Today’s challenging economic conditions allied with global competition provide a business landscape that is hostile to companies that stand still. The dramatic and seemingly incessant development of new technologies provides opportunities for new products, new services, and even new ways of doing business. Lastly, today’s market is truly global, offering an unparalleled opportunity for businesses.

Innovation is about developing businesses in new ways that will maximize value from new ideas, thereby yielding benefits. It covers any improvement to your business from introducing new products and services to reengineering your business processes to repositioning your business in the market or developing a completely new business model.

44.2 WHAT IS INNOVATION?

The word innovation comes from the Latin root “innovatus” which means to renew or change [1, 2]. Innovation can mean many things: doing things differently, coming up with new ideas or products, being creative, thinking out of the box, taking risks to gain market share, etc. The ability of an organization to innovate depends not only in having the right tools and processes but also in having a good organization ...

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