Speaking at a recently held training workshop for production, manufacturing and operations manager NIPM President Dr. Olaniyi Opanuga called on the Federal Government to increase funding for research agencies and institutions to facilitate innovation and development. A better way of doing things cannot be by any organization that hopes to succeed.

Innovation simply means something new. It could be an idea, method, product or service.

Technology applies scientific principles to deliver practical value. Technology may be methods, processes, devices or systems which are borne out of scientific knowledge.

The place of knowledge, talents, investments and commitment in actualizing new product idea cannot be overemphasized.

Research and development involves coming up with a good or better idea, gathering market information, carrying tests, analyzing data and other activities to introduce new product, processes or service or improve the ones already in existence. R & D is concerned with finding ways to increase knowledge inventory and to use the new knowledge generated in practical ways such as creating solutions or products to satisfy the needs of customers.

The process of researching, experimenting and testing can advance to full-fledged product development involving designing, creating and introducing a new or modified product into the market.

Industrialization is the transition from agrarian economy to industrial economy, marked by rapid growth in the number of manufacturing industries. Industrialization is associated with innovation, technology, R&D and product development.

The latest manufacturing technologies-process, software, hardware and technology innovations such as Artificial Intelligence, Augmented Reality, Robotics, 3D Printing, IoT and Cloud Computing are helping to drive productivity, quality and optimized production operations.

Better funding, operationalization and management of Nigerian research institutes will enhance their R&D and product development activities leading to increased industrialization and socio-economic development.