Senior Partner & Managing Director
As customer expectations grow and markets evolve more quickly, companies need to make sure their innovation engines can keep up.
A key enabler of growth is efficiently bringing new products and services to market while effectively managing the lifecycle of existing offerings. Successful companies optimize research and product development in order to maximize innovation, value, and quality while minimizing cost, time, and risk. They apply lean principles and pursue design excellence.
There are five strategies that can redefine research and product development:
Successful innovation requires a deft combination of insightful creativity and disciplined process. There are three major components to innovation: a strategy comprised of choices on where and how to create growth and value through innovation; a supporting set of processes for research and development; and an enabling set of systems, tools, and capabilities. Like any adaptive system, it should evolve as the external environment and internal needs change.
Bringing new products to market quickly catches competitors off guard and prevents them from influencing results (for example, by cutting the price of an existing product in trial markets)..
Not every idea is going to make it. Trial and error is part of the game; however, many companies draw out the development and testing process, making failures time-consuming and expensive. Effective innovation systems limit waste by knowing when to walk away.
Thanks to a cautious corporate culture, misguided incentives, and fearful decision-making and governance, many businesses only make incremental improvements to existing products rather than introducing new and radical products. How can you add boldness to the mix?
Smart companies across all industries use their IP as both an offensive and a defensive business weapon—and disruptive innovators take it even more seriously. Companies that manage their IP assets effectively control a disproportionate share of IP in their industries and are more successful than their competitors at winning approval for patent applications.