Innovation product development is a product development methodology that borrows from digital product engineering processes and applies them to business innovation. The goal is to produce product innovations.
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The primary benefit of innovation product development is increasing the process by which an innovative idea transitions to effective design and development of a marketable, innovative product. By helping move an organization from “innovation as a goal” to “innovation is underway,” it can facilitate a shift in culture to one of sustainable, ongoing innovation.
Advantages:
- Speed digital product development. Test business ideas with rapid prototyping. Leverage APIs and low code environments to quickly test new features or services.
- Explore innovation for existing products. Innovation product development can be used to improve an existing product line too. A successful product must change over time to meet the needs of its customers. Quickly responding to customer needs is possible with a shorter development cycle as is used for innovation product development methodology.
- Streamline product/service development and reduce costs. Reduce product and service development costs by using a more streamlined innovation product development methodology that includes interdisciplinary collaboration.
- Improve long term innovation efforts. Adopting the innovation product development methodology can improve long term product development efforts because overall costs can be reduced while time to market is shortened as well.
- Continuous improvement. Innovation product development involves a continuous improvement approach to product and service development. New data and feedback can be used to determine how to improve and can be implemented quickly.