Product and brand failures occur on an ongoing basis, to varying degrees. They are part of the process of learning and growing. Innovation management can help organisations coordinate amongst themselves to tackle recurring new product development (NPD) challenges and maintain a transparent, company-wide innovation system.
To minimise these failures, remember first that the whole process of NPD requires a high degree of coordination between the top management and middle management, but also the person or department overseeing product development. All key players must be aligned in their needs and expectations.
How can idea management improve your odds of success?
Many times, a new product fails because it does not meet the expectations of the consumers. That often stems right from the beginning, when the wrong idea was allowed to grow.
Innovation management tools, such as idea management software, help optimise both the idea generation and the screening processes of NPD, but also prepare for and structure the following stages, on which the success of the final product depends.
An effective innovation management system can also prevent long gestation periods – reducing the time between conception and the final commercial product means companies do not miss their window of opportunity and keeps them ahead of the competition. This is why organisations apply innovation management to new product development.
Overall, focusing on product development through the lens of innovation management enables companies to be more agile and efficient when launching new products, reducing development time and thus meeting the shorter product life-cycle that today’s consumer demands.
Innovation management processes may therefore be key to formalising the strategic character of NPD, a vital component for organisations to maintain relevance and drive business growth.
Diana Neves de Carvalho, Exago’s CEO
MORE ON NPD AND INNOVATION MANAGEMENT:
- Why your organisation should be applying innovation management to new product development
- The 7 stages of NPD and how to effectively manage product innovation