The current marketplace is growing at a rapid pace, consumers now have more alternatives than ever and this is making it difficult for the companies to compete.
With digitization at its peak, social media, as well as digital firms, are completely transforming the manner in which the consumers learn and test new things out. Companies are now expected to innovate at a rapid pace in order to sustain in the quickly evolving marketplace.
However, many companies either take too much time to bring in new products to the market, letting their competitors capitalize on the benefits of being the first mover into the market with their different product development phases, or they move in way too fast, compromising on the quality by trying to deliver at speed.
Discovering and launching brand new products onto the market at a faster pace is a daunting task, there are so many challenges attached to it, however, it’s not impossible.
Product innovation and its strategy are based on a foundation that is strengthened by 3 ingredients – Agile Innovation Process, Speed, and Choice of Technology. If executed effectively, they can propel your business beyond competition.
1. Product Innovation Based on Agile Methodologies
Agile innovation processes are incorporated to speed up the development process by starting off with just essential functionalities and then continuing to include new or enhanced functionalities in the future releases.
The goal here is to kick start with the MVP (Minimum Viable Product) that can be taken into the market at the earliest while continuing to understand what the customers need and will pay for in future revisions.
This way, all the necessary changes that are made in the middle of the projects are embraced. By adopting Agile methodologies, a company can completely restructure their digital product innovation process and boost their business results. The benefits of going agile are many. Here are some of them.
- Constant Communication, Right Delivery: Having a constant interaction with the customers from day one will help in developing a product that is best suited for their business. This will also bring in a clarity on what exactly the customers need.
- Customer Delight: Delivering products that exactly matches the customer requirement will make them happy. Customers will be delighted if companies can constantly add enhanced features based on their feedback. Implementing Agile methodologies can help in building a sort of partnership with the customers where both, the firm and customers work together to solve problems.
2. Abandon the Conservative Work Approach to Deliver Faster
Most of the corporations have a deep-rooted fear that moving too quickly may lead to many mistakes. There seems to be a good comfort in easing down, working on tried and tested processes, making sure that everything is in place before progressing. The traditional approach brings in enormous thoroughness into the innovative process. This is clearly one of the factors that slow down the speed-to-market.
Apart from the fact that traditional approach is way too time-consuming, it is also not ideal for the current market condition and the rapidly changing consumer behavior. This approach could be very inflexible and non-iterative in nature. Accelerating Speed-to-market leads to several financial and non-financial benefits.
It has the potential to drive the firm’s top and bottom lines, and the consumers of the present era expect their product to be delivered at speed. As far as the financial benefits are concerned, it is directly measurable and they most often exceed the costs incurred in bringing in the speed-to-market approach to the company.
3. Choice of Technology across all Business Verticals
It has now become a necessity to discover advanced ways of strengthening the existing technology offerings and bring out new solutions that are equipped to meet the industry-specific challenges. From traditional enterprise advancements to new age capabilities, the choice of technology plays a critical role in defining a company’s success. Technology strategy is a company’s approach towards the development and use of technology.
Because of the power of technological change and the way it can impact the industry structure, a firm’s technology strategy becomes a critical component in its overall competitive strategy. Innovation is one of the best ways of confronting well-established competitors. However, a technological strategy is the prime element of overall competitive strategy, and it must be reinforced by choices in other value activities.
With technology and consumer behavior changing at a rapid pace, it is critical to be proactively innovative to stay ahead of others. Companies will have to quickly identify and implement new strategies that will let them succeed in this rapidly changing market. Companies that are brave enough to take on product innovation processes with Speed and the right Choice of Technology will have a world of endless possibilities.