What may have initially been viewed as a logistical challenge for engineering and product teams has risen straight to executive boardrooms.
Increasing product complexity is forcing all levels of organizations, across industries, to transform their development process or risk becoming relics. This shift is being fueled by breakneck technological competition, high consumer demand and investor expectations.
The wave of advancements brought on by the expanding Internet of Things (IoT) has created a new reality where it’s no longer enough to have a device that serves a particular function in isolation. Our vehicles, thermostats, toasters, tractors, phones, watches, medical devices and beyond must all have connected capabilities.
For companies producing products that traditionally were not linked to the internet or various wireless networks, this disruption is forcing them to rethink how to better service their customers and markets. And hesitation is not an option.
In our upcoming webinar, “Harness the Power of Predictive Product Development,” we’ll talk about the path we believe businesses can take to overcome these existential obstacles. First, though, it’s important to understand the environment that helped create this new approach.
Rethinking How Products Are Built
Few organizations have the luxury of halting production for a year, refining their development process and product portfolios, and relaunching. For most businesses, any transformational changes must be handled in real time, while still hitting the same rates of innovation, budget, quality and release deadlines.
Conquering this transition involves considering not only who develops products — for instance, multidisciplinary teams with disparate backgrounds coming together to design and build — but also how.
Any teams still emailing versioned Excel spreadsheets and Word documents around to various stakeholders, only to eventually pass them off to the one or two people who understand how to operate a company’s complicated legacy software, will soon realize that process is unsustainable.
Informed Strategic Optimizations
Moving faster with development isn’t just about upgrading to new tools or altering processes though. It also necessitates a comprehensive understanding of what is going right and wrong internally.
Like so many activities today, real-time data is the clearest way to identify areas of improvement. For businesses, this means gathering numeric insights into how teams, processes and products are performing so managers can make smarter strategic decisions.
Without that kind of fact-based, concrete information readily available in a hectic development atmosphere, optimizations can be spurred by gut feelings or anecdotal evidence. And those types of decisions can easily wind up having the opposite effect on efficiency with costly unintended consequences.
Predictive Product Development
There’s no simple remedy for organizations caught up in this digital transformation. Certain things will need to change, and teams must adjust.
The choice of how to proceed within this terrain is an incredibly important one. We believe there’s a right way to revolutionize product development for our customers and thousands of other companies.
We call it Predictive Product Development, and it allows organizations to break out of the constraints of old processes, so they can not only move faster than competitors but maintain that pace of innovation for the foreseeable future.
Through Predictive Product Development, companies can gain:
- The ability to generate, evaluate and score product concepts through a market lens.
- The power to access a system-level view of their world through real-time dashboards that highlight interdependencies, opportunities and risks across ecosystem.
- The strategic knowledge derived from smart analytics that, over time, systematically generates the optimal starting point for their next winning product.
At the foundation of Predictive Product Development is both a well-defined and structured product development process, as well as access to analytics to comb through your development data and unearth hidden insights.
Most importantly, Predictive Product Development necessitates the belief that, by modernizing both products and processes, together we can overcome the challenges of today and prepare for those of tomorrow.
We invite you to take the first step with us, by registering for a webinar where we’ll dive deeper into the concept, fundamentals and future of Predictive Product Development.