Motoring Myth
experimenters such as Gottlieb Daimler were making their ‘confounded contraptions’ travel successfully long before Henry Ford had started his first company (it failed). Although Ford contributed to ideas that were eventually patented, his expertise was in the field of manufacturing innovative and his concepts revolutionized the automotive industry and cultivated a new age of transport.
As an innovator, Ford was constantly monitoring means of accelerating the car manufacturing process to achieve what we now take for granted –mass production. Assembly lines repetitive work stations, continuous flow manufacturing techniques, time and motion studies –all were innovations. Implement in Ford Motor Company operations. The objective was to reduce the cost of building a motor car by producing it faster and standardizing the parts used in production. The Ford innovations enable the company to capture over 50% of the American automobile market at one stage. As an innovator in his industry, Henry Ford was unique.
Pay as you use
Both an inventor and innovator, Cyrus McCormick successfully introduce from machinery to the broad sweeps of the America plains where wheat could be grown in abundance. But the harvesting was slow and costly until the McCormick equipment was developed and adopted. Farm machinery was expensive and the farmers had little cash to buy outright the valuable equipment; banks were interested in land not giving loans for machines.
The McCormick interest saw that finance innovation was the answer for both the company and the farmer –they introduce installment buying enabling the farmer to acquire the desired machines with a deposit, and then make regular payments until the debt was paid off. Farmer was able to increase production to levels that rapidly paid for the machines. McCormick has initiated a new concept trough commercial innovation.
December 8th, 2009 at 1:28 am
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