This thesis describes the process and result of generating concepts for a new adjustable cutting tool with integrated components. It was conducted under a period of ten weeks at the department R&D Digital Machining at Sandvik Coromant, Sandviken. The focus of the thesis was to generate and evaluate different concepts using well known methods such as TRIZ Contradiction and 40 principles, SCAMPER, Wish and Wonder, Brainstorming, Weight Determination matrix and Pugh matrix.  To catch up on the latest technologies and similar tools in the industry today a literature study was conducted which resulted in a requirement specification for the concept in accordance with expertise from Sandvik Coromant. The key problems to be solved were the demanding tolerances and precision together with high forces and the limited space in the tool body.   The thesis resulted in a selected concept with chosen components to meet the demanding requirements. The concept is presented in a 3D CAD-model with description and necessary data. The conclusion includes recommendations to Sandvik Coromant to further develop the selected concept into a prototype so that physical test can be performed and lifespan of electronic components can be evaluated.