Abstract

Product innovation always requires a foundation based on both knowledge and experience. The production and innovation process of products is very similar to the evolution process of humans. The genetic information of humans is stored in genes, chromosomes and DNA. Similarly, the information about the products can be stored in a system having virtual genes, chromosomes and decisional DNA. The present paper proposes a framework for systematic approach for product innovation using a Smart Knowledge Management System comprising Set of Experience Knowledge Structure (SOEKS) and Decisional DNA. Through this system, entrepreneurs and organizations will be able to perform the product innovation process technically and quickly, as this framework will store knowledge in the form of experiences of the past innovative decisions taken. This proposed system is dynamic in nature as it updates itself every time a decision is taken.

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