Abstract
Knowledge-based Engineering Systems are founded upon integration of knowledge into computer systems and are one of the core requirements for the future Industry 4.0. Since the fourth industrial revolution is passing through the developing phase, implementation of Cyber-Physical Production Systems require more realistic approach. Knowledge Management and Knowledge Engineering plays an important role in manufacturing industries facing global competition. One of the most promising areas where Knowledge Management is studied and applied is product innovation. This chapter presents the idea of Smart Innovation Engineering (SIE) System based on Set of Experience and Decisional DNA that facilitates the process of product innovation. It collects the experiential knowledge from the formal decisional event from the group of similar products having some common functions and features. The SIE system behaves like a group of experts in its domain as it collects, captures and stores the experiential knowledge and reuses this experiential knowledge as well that ultimately enhances the innovation process. The analysis of basic concepts and implementation method proves that SIE system is an advanced form of Cyber Physical Systems. It is flexible, systematic, fast, and supports customization. It can play a vital role towards Industry 4.0 development.
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