Successful, profitable innovation (the lifeblood of any company) means developing the right products for the right markets at the right times. For technology-driven product companies, the last remaining areas of competitive differentiation lie in their product planning and the ways they innovate. Innovation is imperative for these companies.
That’s a huge challenge because today, half the R&D dollars that companies spend yield no return at all. Why? Because they: lack market knowledge; mis-reading customer needs; portfolio misalignment; poorly managed requirements; Incorrect timing. And the list goes on.
Sustained profitability in hyper-competitive markets requires companies to balance product innovation investments, cost efficiency, visibility, and predictability. It’s a very complex product management processes. So how can you consistently bring winning products to market faster and more profitably? By applying Lean Growth solutions aligning your product portfolio with customer needs and your company’s strategy and by tying product planning to execution.
I would be interested to know if you are facing similar challenges and how you are responding to the need for rapid exploitation of products to generate a sustainable competitive advantage.
