I
nnovations for any industrial sector and work
practices need to be effective, efficient and
practical in order to produce holistic outcomes
helpful towards cost savings in global industrial
operations. The aim of strategic engineering
innovations is to produce optimum benefits and
production outputs using existing budgets and, if
possible, without incurring any extra investments.
Cost-effective engineering innovations and work
practices should thus focus on the best, most
efficient, accurate and effective techniques to
eventually further increase overall profits and
enhancement of good governance practices for
the vibrant industrial sector towards sustainability
and a better tomorrow for all.
Figure 1: Major concepts and benefits of the
‘Blue Ocean Strategy’
‘BLUE OCEAN’ STRATEGY
COST-EFFECTIVE ENGINEERING
The ‘Blue Ocean’ Strategy developed by eminent
international experts Professor Chan Kim and
Professor Renée Mauborgne from the Institut
Européen d’Administration des Affaires (INSEAD,
France) is useful as a catalyst for the industrial
sector to progress in this globalised and
technology-savvy era. Some of the key principles
towards using this unique ‘Blue Ocean’ Strategy
to progress the industrial industry from ‘good’ to
‘great’ include (Figure 1) (Kim and Mauborgne,
2005):
- ability to create uncontested new market
opportunities by reconstructing existing
market boundaries,
- focusing on the big picture,
- reaching beyond existing market demand,
and
- getting the strategic sequence right.
Blue Oceans’ manufactured goods can denote
all the industrial mineral value-added products not
yet in existence today, complemented by market
demands that can be strategically created rather
than fought over. Thus, there is ample opportunity
for growth which can be both profitable and rapid.
‘Blue Ocean’ is an analogy to describe the wider,
deeper economic potential of the market space for
new unique industrial mineral products that are
not yet explored or tapped for usage for further
society enrichment.
Definite outcomes of successful cost-effective
engineering projects (Figure 2) are:
- ability to produce good results without
costing a lot of money,
- focus on the best, most efficient, accurate
and optimum schemes,
- outcome helpful in cost saving initiatives
for industrial operations,
- capacity to obtain the ultimate outcome in
the increase of profits.
Figure 2: Innovative strategies indicating more
benefits for similar costs
Some of the major cost-effective strategic
engineering innovations and resourceful work
practices in the field of engineering aimed towards
further industrial and economic growth for the
global industrial sector are:
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