by Super User in Blog on 17 February 2015 Hits: 24 2 Comments

Product Innovation

Process Innovation

Every day, the dawn comes with a new innovation and some new technology taking us all one step ahead into the digital world. This is the need of the hour for every organization to hold strong their grounds in today’s extremely competitive era by introducing innovative products to their portfolios. Continuous innovation and product differentiation will keep customers loyal to the brand and eagerly anticipating what is next. new and upgraded iPhones launch every few years along with other products in between, creating a loyal customer base and driving sales for the company. You may need to bring on board partners for technical development or you may need sales partners to successfully position a product innovation on the market . In order to be successful, an innovation must satisfy a customer need.

Innovation For The Sake Of Innovation

  • Internally, product innovation offers companies a meaningful payoff as well — the opportunity to celebrate success and the many team members who contribute to it.
  • Meeting such specifications is the exciting challenge of product innovation.
  • Following best practices in working with customers, while strategically approaching the relationship between technology development and product development, can help a company achieve success in product innovation.
  • A manufacturer known for innovation stands apart in the marketplace.
  • Customers desire excellent products and services with exceptional value, outstanding benefits, high quality, and assured reliability.

As discussed earlier, one way to structure these proactive efforts is to set up a technology development track operating separately from but parallel to product development. Developing solutions for specific problems within emerging technologies in advance of customer demands ensures that developers can properly apply those solutions when needed to meet application requirements. In doing so, developers will be able to respond more quickly and effectively to customer needs. The two tracks must interact, with product development engineers drawing from the advancements in the technology storehouse and technology developers learning about new challenges from the product developers.

The Yin And Yang Of Technology And Product Development

Product Innovation

Examples are significant improvements in Internet banking services, such as greatly improved speed and ease of use, or the addition of home pick-up and drop-off services that improve customer access for rental cars. Providing on-site rather than remote management contact points for outsourced services is an example of an improvement in service quality. Production methods.These methods involve the techniques, equipment and software used to produce goods or services. Examples of new production methods are the implementation of new automation equipment on a production line or the implementation of computer-assisted design for product development.

Acronis Cyber Protect Earns Frost & Sullivans 2020 New Product Innovation Award For Data Protection

For example, the objectives of product innovations often relate more to demand (e.g. improving product quality, increasing market share, entering new markets) than do those of process innovations. If the innovation involves new or significantly improved characteristics of the service offered to customers, it is a product innovation.

The Product Innovation Imperative

Product Innovation

The Product Innovation Temptation

It’ll come from thoughtfully—and, yes, creatively—finding ways to improve on your products to offer an ever-better customer experience. Further, because customers are involved, companies are tackling real, current problems. If the problem is solved, the Product Innovation customer normally will buy the solution, resulting in faster adoption rates of the technology and better financial returns. Customer-based activities also create a fertile environment for developing complementary ideas and enlarging a product portfolio.

This interactive process enhances the time-to-market, cost effectiveness and performance of the products. Product innovation and the developments that flow from it enable companies to differentiate themselves in the marketplace. Product innovation opens the door to increased brand equity, faster technology adoption rates, larger returns and an environment primed for further innovation. Associates are challenged, invigorated and feel appreciated when they know their best ideas will become reality — for everyone’s benefit. When you invest in innovation and product development, you see benefits across your entire organization — impacting everyone from executives to sales and marketing to customer service and beyond.

Techniques can include virtual prototyping and virtual design analysis. Developers should test concepts and engage in continuous feasibility studies throughout a project to determine the potential for success or failure. Then, as development proceeds, opportunities exist to make adjustments without requiring major overhauls. Such early prototypes are often less expensive than complete systems and can be made more rapidly, decreasing costs and shortening development time. Technology developers have a greater chance of successfully meeting future customer requests when they proactively explore potential market opportunities and applications.

What is the main source of innovation?

According to Drucker, the best source for successful innovation is from an Unexpected Success or Failure. Exploitation of this requires analysis simply because an unexpected success is a symptom. For example: A competitor is having unexpected success in a particular market segment.

But somewhere on the horizon, there is a true customer need for which there is also an actual solution. Finding that customer need and then developing the best solution for it can be a substantial boon to your business in a number of important ways. And of course, how you innovate — your mindset, processes, and methodologies — makes a huge difference not only inaccelerating time to profitabilityof your new or revamped product or service, but in the long-term adoption of it in the market. On the demand side, the proliferation of more consumer choice than ever before spurred by a multitude of digital channels is resulting in constantly changing customer expectations. This, in turn, is fueling a demand for greater personalization, or the ability to market, advertise to, and even develop products or services that suit individual consumer preferences.

A Product Innovation is the introduction of a good or service that is new or has significantly improved characteristics or intended uses; a process innovation refers to the implementation of a new or significantly improved production or delivery method. Evidence from firm innovation surveys suggests that the share of firms with a product or process innovation varies significantly across countries and that firms often adopt mixed modes of innovation, meaning that they combine product and process innovations. There is something to be said for innovation without consumer input. Some innovations would never be realized if it weren’t for visionaries like Ford. But success with these types of innovations are more of an exception than a rule. Listening to consumers to create calculated innovations and refine existing products based on actual market needs is a must. The refinement of ideas, innovation of products and their public acceptance decides the future of an organization and its success.

Integrated Innovation Institute

Innovations often don’t bring the desired success because they don’t bring real benefits to the customer or are aimed at the wrong target group. Lego’s crowd-based business model is a vivid example of how customer needs can be optimally addressed by involving Lego customers in the innovation process.

The path is full of risks, nevertheless, organizations should step ahead cautiously by investing majorly in product innovation and deploying the best minds, in order to succeed and sustain today’s market. The world is getting smaller by every day as the globalization and technological advancements are taking bigger shapes.

In addition, the process can strengthen customer-developer relationships and lead to future collaboration and mutual successes. In collaboration with the customer, it is wise to test those parts that present the highest risk or biggest challenges first. In doing so, companies and their customers are better able to determine if any barriers are insurmountable — and would necessitate putting the brakes on a project — prior to substantive investments in time, energy or dollars. Even if a project does not meet its initial goals, it can still be considered a success. The collaborative process strengthens customer-developer relationships and gives each party a better idea of the other’s needs and capabilities, which can help facilitate the next project. Developing early prototypes — even for individual components — enables developers to test and refine parts before moving too far down the product development path.

Innovations in support services.Process innovations also cover new or significantly improved techniques, equipment and software in ancillary support activities, such as purchasing, accounting, computing and maintenance. The implementation of new or significantly improved information and communication technology is a process innovation if it is intended to improve the efficiency or quality of an ancillary support activity. Equipment and software changes.Process innovations can involve significant changes in the equipment and software used in services-oriented firms or in the procedures or techniques that are employed to deliver services. Examples are the introduction of GPS tracking devices for transport services, the implementation of a new reservation system in a travel agency and the development of new techniques for managing projects in a consultancy firm. Provision of service.Product innovations in services can include significant improvements in how they are provided , the addition of new functions or characteristics to existing services, or the introduction of entirely new services.

Product Innovation

Existing product development is a process of innovation where products/services are redesigned, refurbished, improved, and manufactured which can be at a lower cost. This will provide benefits to both the company and the consumer in different ways; for example, increased revenue cheaper costs or even benefits the environment by implementation of ‘green’ production methods. This new combination of elements results in Product Innovations that we then integrate into your organisation in a manner that guarantees seamless processes from sales right through to claims management. Product innovation at UNICEF is about turning ideas into tangible and scalable solutions. It involves the identification, development and scaling of fit-for-purpose and value-for-money products that respond to the unmet needs of children. Identifying the factors that drive and those that hinder the different types of innovation helps in understanding the innovation process and formulating innovation policy.

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