Innovation and advanced technologies are central to maintaining an organization’s competitiveness in a knowledge-driven world. They are the common denominator for creating premium processes, platforms, services and solutions which help businesses capture higher margins through differentiation. In a constantly changing digital world, using scalable technology to drive sustainable growth and deliver on strategic goals to realise a product’s future development is intertwined. Various industry initiatives in terms of advanced technology are capable of bringing structure to cross-functional teams and global processes to establish a product’s future development across businesses.
One of the biggest mistakes a business can make is to have a misaligned product with the current market trend. It doesn’t matter if the product is incredibly innovative, things will take a U-turn if you ‘assume’ the intended audience will come to you directly without making any effort to understand their needs and behaviour vis a vis the product innovation. Being oblivious to new market trends and changing needs and behaviours of consumers in your industry spells the ultimate demise for a business.
Technological innovation has definitely revolutionized the world we live in, but it is still supported by a proper understanding of the market. Put simply, your product needs to align with the market and industry trends to resonate with a scalable audience for sustainable future development.
The first step in understanding industry initiatives is to analyse your competitor and how your target audience is reciprocating to the change. Test your product with customer feedback, digital feedback (to encourage exchange of ideas) and surveys before finalizing product positioning. More importantly, understand the market trends and customer reviews to know how new technical advancements will impact their business operations. Subsequently, work on the ‘gap analysis’ to further modify your product with the new industry trends to appeal to your target group to make it a success.
One of the examples of how a product’s future development is aligned with industry initiatives can be seen through the design automation process where the technology used is not expensive to scale as opposed to manual processes. For instance, integrated design and workflow automation allows businesses to cost-effectively improve processes to become the production blueprint for the future. The same also allows businesses to facilitate integrating design processes within the production process. As the focus is on designing definition-oriented design processes, the dependency on manual storage and handling of documents is minimized. However, the challenge remains to support these industry initiatives threefold – electronically, organizationally and physically – to achieve data integration.
Launching an innovative product can become a solution to the complex problems of the business world only if you understand the broader market spectrum and establish a clear success metrics. Some of the ways you could do this is by investing in marketing automation, demand generation process, etc., and by aligning the same with your production process to further streamline it.
Consumers are continuously evolving which makes it imperative for businesses to re-validate their product and service offerings with new competitors. So, modifying product offering to new industry trends can yield long-term benefits if you don’t focus just on selling, but also on evolving.