The pace of innovation is accelerating. The speed and complexity of operational change associated with innovation is the distinguishing characteristic of 21st century manufacturing. Coupled with globalization, increasing competitive pressures, growing customer demands and increased regulatory scrutiny, the innovative manufacturer is faced with a growing challenge of realizing profit from innovation. The dilemma is clear. &bull innovation is accelerating. &bull innovation induces variability. &bull variability reduces efficiency and increases cost. &bull increased cost diminishes profit.
