Innovation is the primary driver of growth. Every company depends on the new products and services it puts on the market. The importance of this process is particularly highlighted by the fact that product development following the general strategy leads to a reduction in research and development costs, better adaptation to the market and faster launch of new products.
Problems can arise if companies lack a clear vision or plan, inadequately allocate research and development resources, or mismanage product development. Egzakta Advisory offers a comprehensive model that includes product and portfolio strategy enhancement, research and development operating model, risk management, cost reduction and more.
In an era where competition does not stand still, innovation accelerators are crucial for development teams. Given the number of available technologies and improvement methods, the question arises - where to start?
Companies should accelerate profit growth in the short term through key metrics like volume, revenue, and costs. In the long term, it is essential to consider what builds customer loyalty, such as satisfaction with a product's performance, specifications, and price. A systematic approach to developing relationships with partners and suppliers brings short- and long-term benefits. It is crucial to allocate the research and development budget wisely. Cost flexibility and scope for ambitious innovation are key.
Product development involves a rigorous process involving internal and external stakeholders, and the basic steps are:
With our consultants, clients can lay a solid foundation for managing large product portfolio development projects, avoiding delays and overruns that can threaten profitability throughout the product life cycle.