Reverse engineering encourages innovation and people need not reinvent the wheel, they can just iterate, improve, and innovate an existing design and hence, engineer products that have better functionally, give higher performance, have a small footprint and have an improved maneuverability.
This inverse approach is extremely helpful in implementing ideas and promoting innovation in the organization.
While it is applicable to say that manufacturers take advantage of reverse engineering to study the products manufactured by their competitors, the likely advantage remains is the existence of competition in the market. Due to the urge to continue ruling the market, and to stand equally against the competitors, manufacturers are forced to bring innovations in their product.
The use of reverse engineering is also profound in product failure investigation and extending the product’s /service's functional life cycle period.
For instance, if a component like an engine crankshaft is showing signs of premature failure, the same can be investigated by applying reverse engineering methodology and critical stress regions or cracks can be identified and further improved. The concept of reverse engineering is not simply restricted to analyzing product designs.
It is also focused on making a product/service easy and fast to manufacture without compromising on its performance and quality. Identifying the most efficient way to manufacture components is essential for lean manufacturing and proves beneficial to the organization in terms of cost savings and quality control.