Generating, analyzing and applying a sensible data strategy to product development can help companies solve key business challenges through innovation. It will create a mindset that will motivate teams to improve end-to-end customer experience. It is bound to drive the implementation of new business models.
The process of designing new products aims to generate the most potential benefits for customers in the shortest possible time. For example, we are able to take customer requirements and use the feedback we receive to optimize product designs for their best possible experience.
If a design doesn’t provide the customers with what they need, we can modify it.
As we look at the entire product lifecycle from conception to design, build, market and distribute, we look at different aspects of the product to look at potential solutions. We are able to take customer requirements and use the feedback we receive to optimize product designs for their best possible experience.
Product Development Drive
What drives product development? A holistic innovation approach.
Many times industry trends drive the demand for products. Through building innovative ideas and discovering new ways to apply them in the market, we strive to provide new and efficient solutions to the customers.
Building sustainable innovation-driven products demands innovation in everything from product design, prototyping, to materials and processes.
We will discuss four different drivers of innovation: a) Product-Oriented Innovation, b) Technology-oriented innovation, c) Market-Oriented innovation, d) Customer-Oriented innovation.
a) Product-Oriented Innovation:
Producing innovative products and services starts with understanding and valuing customer requirements, and developing innovative ideas.
b) Technology-oriented innovation:
Looks at technology, and how to best use it to create value for the consumer. It aims at delivering the best possible product and service experience for the consumers.
c) Market-oriented innovation:
As it is based on the market needs, innovation focuses on finding the best possible solutions to meet customer needs. This enables us to discover new markets and build new value for the customers.
d) Customer-Oriented Innovation:
An innovation-driven company helps its customers create value. It works to deliver valuable solutions that can improve the customer’s quality of life.
The product development team uses an agile innovation approach, which focuses on the short-term customer requirements. The company implements holistic innovations, which encompass product development, industrial design and marketing strategy.
Common Problems by Company Size
Our ai supported research has found common problems among companies, with Go-To-Market among the leading ones.
Poor innovation processes, product backlog management and go-to-market failure were the top three problems identified by both mid-sized and large companies. As for overall problem, only 5% to 8% companies have multiple issues, with 80% to 90% having one or two issues. Source: Holistics International
Holistic Design Process: data-driven approach
An innovation-driven product development team is integrated with experts in other departments to create an innovation-driven product development process.
Many of our ideas involve external product development, new materials, market intelligence, and other opportunities to provide customers with new and innovative solutions.
As a holistic product development team strives to fulfill customer needs in a sustainable and innovative way, it strives for continuous innovation in everything it does.
This means, through a holistic innovation approach we focus on the holistic benefits of new products, as well as look at the entire product lifecycle.
Achieving this involves defining the type of solution to be provided.
As we look at the entire product lifecycle from conception to design, build and shipment, we look at different aspects of the product to look at potential solutions. We are able to see opportunities in the market, evaluate alternatives to ensure we are going to satisfy our customer’s requirements.
Throughout the product development process we focus on efficiency in design, development, manufacturing, marketing and distribution.
Achieving this requires that we continuously look for innovative solutions, research existing technologies, establish partnerships and evaluate market conditions.
This drives continuous innovation and drives continuous growth in every company process.
JD Rico is the founder of Holistics and Partner and Editor of the Digitalist Hub. He is a researcher and entrepreneur in the topics of Business Intelligence, Digital Media and Venture Capital. He holds degrees in Anthropology (BA), Economics (BSc), Project Management- Innovation (MSc), Cultural Studies (Min) and Artificial Intelligence Product and Service Design (Cert.). He serves at the board of companies in Emerging Tech, Wellness, Food Tech and Cultural Impact. He writes Cap∙Hackers, a newsletter for 33,000 business owners and investors.