Digital tools help
bring structure and control to complex, dispersed product innovation and
development processes – but what exactly does that mean for your ability to get
innovative ideas to market quickly and profitably?
Why is innovation so
Continuous innovation is the key to sustainable business
growth. But delivering innovative products and services quickly, consistently,
and profitably is easier said than done.
One of the main reasons so many new products and services
fail to get to market—or fall short of expectations when they do—is that
there’s no structured process for moving innovations through the development
Unless product innovation and product development processes
are closely linked by an integrated, structured flow, it can be difficult to
bring ideas to market. Even capturing and selecting the best ideas in the first
place can be tough when there’s no central repository of innovation and development
data. Making informed decisions about which products and services to invest in
isn’t easy if there’s no single source of trusted information.
The best innovators use digital tools to help them structure
the product innovation and development process, with everything connected and
supported by continuous analysis of all the available data. In this way, they
can get innovative products to market successfully and ensure the entire
portfolio is aligned with corporate strategy and market demands.
And tools don’t just help support a structured approach and
improve the process flow. They can bring a wide range of other advantages, too.