The manufacturing industry has to roll up its sleeves and re-think its new product development strategy. It is essential to go beyond refining existing products.
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Functions remain, solutions change. When addressing perceived needs in the market, go beyond solutions and try to clarify the main functionality you are trying to provide.
Keeping things simple has many advantages. Look at your products or services and ask yourself: “Does it really need to be this complex?” Can I make it easier for users, without losing essential elements”?
Planning is essential for innovation – the pull of the ‘urgent, not important’ of routine tasks is just too strong.
It’s time to take action and re-tune, plan more time for the important long-term projects, because these are the ones that will help your company to remain relevant.
By responding to the real needs and interests of your target groups, you learn how you can innovate. Never assume you know all there is to know about your product. Learn to listen and reap the benefits of the gathered insights.
Developing new solutions can be expensive, complex and risky. So why not identify new applications and markets for your existing knowledge and solutions? This lowers the risk and leads to new successes faster and cheaper.
Innovation is often seen as risky, but it doesn’t have to be a fuzzy process of trial and error. By applying a proven method and understanding your industry and market, you can make informed decisions, removing the risk from innovation.
Getting the timing of innovation right is fundamental to maximizing the returns. Bad timing can lead to disaster, whether you get to market too early or too late. These are the items to consider.
Biomimicry or learning from nature will only gain importance in the future. Before companies make any design decisions, they should ask: “How would nature solve this problem?”.