A proven way to achieve business supremacy is to dictate the pace of innovation in your market-space. To do this, you need to have a pipeline of new products/services ready to be rolled out at will. Think of any successful company and you will see perpetual innovation at the heart of their success.
New product creation is not mere chance or random flashes of inspiration. Innovative companies make it happen continuously.
Successful innovators, consciously or not, use a repeatable thinking process to manage change to their advantage. Systematically searching out new products, new markets, and new customers. Evaluating them for risk and reward, feasibility, and fit with the corporate strategy; and implementing only when analysis shows a high probability of success.
A Strategic Product Innovation Process harnesses your key people’s understanding of changes taking place in your company’s markets and business environment. It directs that knowledge through a creative yet rational pathway to drive out opportunities for new-to-the-market product concepts – products that do not exist today and that leverage the company’s key strategic capabilities.
The Need for Product Innovation
A process for Strategic Product Innovation is a powerful tool that can help jump-start your organisation’s ability to generate a steady stream of innovative new product and/or service concepts, and to identify opportunities for entirely new markets and customer groups. It is successfully used by many companies around the world. The future holds vast opportunities for growth, if you know how to use change to your advantage.