Primero Systems Blog

Product Innovation in Focus - CLARITY Wednesday

Product Innovation isn’t only about developing something new and original, but also about taking what’s already there and making it much better. In other words, not everyone has to be the first to invent driverless cars, but someone has to be the first to make them better.

3 Product Innovation Facts Worth Considering:

  • An innovation ecosystem is very similar to a biological one — the employees, customers, company processes, and strategies are all part of the complex set of interactive relationships among the resources within the marketplace, create a living, breathing ecosystem in which one tries to innovate.
  • Understand first what your goals are with product innovation. The market is always in flux, and the speed of change and disruption is only increasing. With consumers holding more of the cards, it’s imperative to accept that product innovation is not a nice-to-have, but an essential component of a successful business in today’s world.
  • Being done is better than being perfect — this is about not trying to perfect your idea, but believing in it, and pushing it forward gradually, before it’s too late.

Assess the Value of Product Innovation to Your Organization

According to Business Dictionary, product innovation is defined as “the development and market introduction of a new, redesigned, or substantially improved good or service.”

What value do you place on analyzing the product opportunities or improvements that can be created by adopting emerging technologies, cloud services, competitive analysis, or through business process and IT innovations?

Determine Your Organization's Related Pain & Frustration

In order to fully assess your level of pain (and frustration!) it’s helpful to know where you want to be. So…what does good look like?

A low pain example of Product Innovation: We continually strive for product innovation and actively seek out improvements that can be created or enhanced with new technologies. We utilize customer focus groups to seek input and routinely engage in competitive and industry research. We monitor technology trends which provide a continuous flow of potential new product capabilities or enhancements.

What is your organization's level of pain as it relates to Product Innovation?

The CLARITY Assessment™

In the CLARITY Assessment™ we focus on 7 key company objectives. Above, we touched on Product Innovation, which is one of 5 categories related to the broader objective of Technological Innovation:

Customer Relations
Learning & Development
Agile Operations
Risk Management
Information Technology
Technological Innovation

  • Innovation Strategy
  • Product Innovation
  • Process Innovation
  • Culture of Innovation
  • Innovation Education

Yield (Financial)

Almost every company worldwide is in some stage of their own digital transformation journey. You’re invited to take the CLARITY Assessment™, with the goal of helping to define your own company priorities in your digital transformation journey. Click here to experience it now.

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