In many ways, innovation equates to survival in today’s market. Your customers want better, faster, smarter products with increased capabilities — and they want them without delay. The obstacles to successful innovation lie in managing the increasing complexity of product development while keeping pace with the rate of change. The challenges of complexity and pace make it difficult to capture, define and verify requirements, align out-of-sync engineering disciplines and prioritize resources. On top of it all, protecting your innovative IP remains a major concern.
The consequences of a late-to-market, mediocre product can damage your business. New market opportunities are missed, customer satisfaction levels decrease and your pricing power is diminished — any one of which would likely render the product launch a failure.
“We are constantly churning out products, introducing thousands of new products every 180 days
… we have designed new apparel and graphics and have them in manufacturing within 24 hours. That speed allows us to create demand and continually focus on high-performance product innovation
— Peter Burrows, CIO Emeritus, adidas Group
To penetrate new markets, improve customer satisfaction, grow brand equity and increase overall revenue, you must deliver the most innovative new products before your competition. To achieve this, your product development teams need market visibility and an ability to quickly respond to changing requirements. Moreover, the confidence to collaborate in a secure setting and safeguard your best ideas provides the fuel for innovation. By being first to market with innovative products, you’ll be able to penetrate new markets, delight customers and drive new growth opportunities.
Process Improvement Opportunities
The most successful companies accelerate product innovation by transforming one or more of these key processes: