The greatest difference between winners and losers is in the quality of predevelopment activities.
Implement a pro-active product development process
Given the accelerating pace of innovation, the products in the development pipeline risk being already obsolete. The innovation embedded in the present Front End and New Product Development processes should be continuously verified by answering the following questions:
- What is the evolution of technology and how are our products positioned with respect to this?
- What is the status of evolution in component-product-application levels?
- Can our competitor offer a better product than the one we are developing now?
- Which are the critical fields that could offer opportunities?
- Is my R&D spending in line with future revenue?
- Who are the future licensing candidates?
The awareness of technological evolution would provide us the necessary proactivity to change course accordingly in the development process.
Technology evolution in different fields always follows a certain direction. These directions can be general (across-industries) or industry-specific. Based on a solid framework of technology ecosystem analysis, the evolution of different levels of technology can give us valuable insights for the future of product development.
INNOVATIVE PRODUCT DEVELOPMENT CONCEPT
Innovative Product Development concept includes three main phases:
- Front End of Innovation: Early pre-development activities of opportunity recognition, market exploration and idea generation.
- New Product Development: Formal and well structured product development phase activities
Technology evolution analysis is used in determining the quality of innovative product development activities and thus confirming the validity of investments involved.