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Economic Effects of Idea Generation and Idea Management System in Automotive Industry: a Quantitative Case Study for Romania

Author

Listed:
  • Cristina Veres

    (University of Medicine, Pharmacy, Science and Technology of Targu Mures)

  • Sebastian Cândea

    (University of Medicine, Pharmacy, Science and Technology of Targu Mures)

  • Manuela Rozalia Gabor

    (University of Medicine, Pharmacy, Science and Technology of Targu Mures
    University of Medicine, Pharmacy, Science and Technology of Targu Mures)

  • Laura Elly Naghi

    (Bucharest University of Economic Studies)

Abstract

In the dynamic landscape of the automotive industry, innovation is the key driver of success. Companies that actively engage in idea generation and have efficient idea management systems in place often gain a competitive edge. This article explores the importance and necessity of idea generation in the context of the automotive industry in Romania, shedding light on the economic effects it can have. Based on a review of scientific literature, the paperwork adds value by filling in a gap on continuous improvement process, idea management, and idea management system concepts, by describing in detail how Idea Management System can be introduced, and by performing a quantitative analysis, using complex statistical methods and machine learning on big data collected to observe the effects of Idea Management System use on the results and the level of employee involvement, as well as finding out a predictor of potential savings for automotive company. Very few academic papers take into consideration the economic effect of Idea Management System especially for the company’ performance (KPIs), focusing rather on performance metrics for idea management.

Suggested Citation

  • Cristina Veres & Sebastian Cândea & Manuela Rozalia Gabor & Laura Elly Naghi, 2024. "Economic Effects of Idea Generation and Idea Management System in Automotive Industry: a Quantitative Case Study for Romania," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 15094-15128, September.
    • Handle: RePEc:spr:jknowl:v:15:y:2024:i:3:d:10.1007_s13132-023-01696-w
    DOI: 10.1007/s13132-023-01696-w
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    References listed on IDEAS

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    1. Taghrid S. Suifan & Marwa Al-Janini, 2017. "The Relationship between Transformational Leadership and Employees’ Creativity in the Jordanian Banking Sector," International Review of Management and Marketing, Econjournals, vol. 7(2), pages 284-292.
    2. De Giovanni, Pietro & Cariola, Alfio, 2021. "Process innovation through industry 4.0 technologies, lean practices and green supply chains," Research in Transportation Economics, Elsevier, vol. 90(C).
    3. Betty Vandenbosch & Argun Saatcioglu & Sharon Fay, 2006. "Idea Management: A Systemic View," Journal of Management Studies, Wiley Blackwell, vol. 43(2), pages 259-288, March.
    4. James A. Christiansen, 2000. "Competitive Innovation Management," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-00110-7, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Idea management; Idea generation; Suggestion system; Continuous improvement; Company performance; Automotive industry; Inferential statistics methods; Regression model; Decision tree; Machine learning;
    All these keywords.

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation

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