DELIVERING WHAT A FUTURE MARKET Will Need
Delivering What a Future Market WILL NEED
Every great product started with an idea that is either customer and market-driven, that idea was then conceptualised so a clear strategy could be developed to progress the idea to reality. A product strategy defines the direction the product will need to take to achieve what you want it to. By establishing a product strategy the business and everyone involved can focus on the work that matters to deliver the product. The strategy will tell the team how the product is to be developed, who are the potential clients, what and the size of the market they operate in and what is the expected return on investment.
The primary purpose of the strategy is to communicate to executives and other key stakeholders how the product will achieve business objectives. It can also provide the product manager and their team with a clear set of directions to guide them through the development process and communicate its value to other support teams, such as sales, marketing, and customer service.
A product strategy is the foundation of any product entering the product lifecycle. As product managers develop and manage their product strategy, they will target the appropriate audience and define the products specifications and client attributes to achieve the desired success.
Product Life Cycle Management
Product lifecycle management (PLM) is a strategic process used to minimise the cost to deliver a product to market, understanding the scale and demand of the market, prolonging the period of profitable during the product's growth and maturity whilst also maximising profitability as the product sales start to decline.
It is vital for any business to fully understand their products complete life cycle before entering a new or existing market. Every product travels through the four stages of the product lifecycle of introduction, growth, maturity and decline. Some progress through the growth and maturity phases quicker than others, which makes it vital to understand where in the life cycle the product is at any time. Once the product enters the decline phase the business needs to prepare for the removal of the product from the market or survive on reduced revenue from sales.
It is critical for the business to manage their product lifecycles especially to ensure the product is successful in the market through the first two phases, as the product gains popularity it will lead to increased sales and profitability for the business. It is also important that products are continuously monitored to keep them relevant to the ever-changing market, with new innovation or products being developed to maintain the business's overall market share.
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Every business needs the capability to generate best practice techniques to encourage innovation which has never been more critical in today’s rapidly changing environment. Yet many businesses struggle with this concept.
When considering probable innovation problems, the following questions need to be asked:
- Is innovation needed to ensure success and long-term sustainability?
- Is innovation a threat to your business?
- Does your business foster innovation culture?
- Does your business have systems and processes in place to enable innovation?
Innovative Solutions Plus understands that innovation can be difficult, but regardless of your market, product or size if innovation hasn't affected or disrupted you yet it will. Many businesses struggle with innovation because they try to do it all at once instead of breaking their projects down into manageable portions. The absence of effective innovation strategies causes businesses to fall behind, and unfortunately, they suffer from financial performance and achieving goals.
Innovative Solutions Plus can assist by breaking innovative projects down into manageable portions and to:
- Understand the barriers, mechanisms and requirements to be innovative.
- Understand without being reckless what the real-world value of failure by being innovative is.
- Deliver critical, innovative initiatives that enable your business to move forward successfully.
Innovative Solutions Plus use an Integral Framework to ensure the critical elements of leadership, management and innovation are covered. The Integral framework is can be customised to your specific requirements and strategic goals.
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Design Thinking (Conceptualisation)
Design transforms ideas into a form and functionality as well as a voice that leads and inspire change. Design-centric businesses have shown that design is the differentiator for short and long term sustainable success, any business can utilise design thinking designers to reduce and eliminate those strategic and product challenges.
Businesses often suppress creativity and innovation. As Gary Hamel describes, “Too few voices are heard, creativity is constrained, decisions are under-informed, barriers separate capital from talent and necessary change is slow.”
Innovative Solutions Plus can assist in generating fresh autonomous design thinking with no constraints or alliance with other parties. We have a talented design team that can support or assist to efficiently find solutions, develop conceptual and design or ideas with creative options, design and develop new products or services. The core focus is to create innovative solutions with creativity and strategy to achieve effective designs.
Innovative Solutions Plus thrives on solving your toughest problems and working together on opportunities in a collaborative effort and design thinking capacity.
In the complex world we live in, challenges increase every day, new products and services are required. Product and system design is the specialised science of creating mechanical or electrical assemblies and software solutions for the purpose of assisting innovation and improving productivity. Whilst creating specialised new products is often the goal or requirement; these services can also involve the regeneration of current technology and existing equipment.
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The product design process commences with creating a detailed plan to develop a piece of equipment, machine, tooling, or component. Gathering information, specification, analysing data and workflows, generating design concepts, and ultimately prototype testing allows our engineering team to understand its purpose and systems functionality correctly.
Innovative Solutions Plus’s engineering team members have excellent engineering knowledge of computer-aided design and manufacturing (CAD/CAM), electronics, engineered materials and mechanical engineering – that may be utilised to bring a product to life.
Taking care at the conceptualisation phase and defining the goals and specifications up front – will determine what your product needs to do – the focus is to create the best product possible meeting all specifications and goals. The goal is to deliver a design of your required system or product that satisfies the customer's requirements, solves a problem, and creates value for the business.
Whilst creating the product is essential, it is only a small part of the whole solution. Innovative Solutions Plus place a priority on entirely understanding what your operating systems are and how a product or process can make it easier to operate or more efficient.
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Digital Product Strategy
Developing a product is more than just designing it. The process needs to consider what is the products competition and relative market position, the product business model, and the marketing that will need to be used to develop a strategy of what to build and when.
A good product strategic plan also includes testing product assumptions with real customers. An existing business strategy should lay out a set of metrics, or KPI’s and the overall strategy has to involve establishing the product within a budget while concurrently pursuing, aggressively, the best way to deliver the business goals. It will also involve developing a solid understanding of your markets, industry, consumers competitors, and competing technologies and designs. To entirely create a digital product strategy that is both innovative and competitive, you must first understand the domain your business is affiliated with, who your customers are, and what differentiates you from the rest of the market.
Be able to deliver a product that is high quality, well priced and functional to use will allow your business to create a digital product and presence that pushes the boundaries for your business's future success.
The digital product strategy takes into account a variety of key considerations: competition, pricing, and the target market, while also establishing a road map of the fundamental product features. Innovative Solutions Plus will approach every challenge systematically with our integrated team of digital strategists, designers, and developers, that covers all options and delivers a fantastic product.
The message that is portrayed with your product features is critical. It's essential to develop content that tells the product's whole story, creating a message that not only reaches the target market but periphery markets as well. By combining design thinking and digital product strategy to understand better the aspects of the product's story you are trying to tell, we can assist in developing a fascinating narrative that allows you to reach your target audience.
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The product development process typically consists of several activities in the potentially complex process of delivering new products to the market. Innovative Solutions Plus use a process management approach to provide a structure that is easily controlled, to deliver quickly what its client's
are looking for. Product development overlaps the engineering design process, particularly if the new product being developed is of a bespoke or R&D nature. Every new product will pass through a series of stages, including conceptual & engineering design, manufacturing, assemble and testing as well as market introduction or commissioning. The product development process is articulated and broken down in the same four stages of a standard project management life cycle:
- Initiation is the conceptual phase which defines the requirements, specifications and deliverables. Innovative Solutions Plus works with its clients to agree what the product should do or have, at varying degrees of specificity, in order to meet the perceived market or business need. Risk assessments, feasibility studies and financial modeling can also be completed during this stage.
- Planning is the development of both the high level and detailed level design of the product; which turns the specified requirements into a specific designhow this particular product will meet those requirements. The engineering design process completes all the documentation, drawings, reporting and analysing required for the manufacturing, assembly and testing of the product. This phase will also include any scheduling, detail costings, resource planning as well as the quality and safety requirements.
- Execution is the product implementation phase of the detailed engineering design (e.g. refining mechanical or electrical hardware, or software, or goods or other product forms), as well as manufacturing, assembly and testing processes that may be used to validate the prototype or product that actually meets all design specifications that were established.
- Finalisation is the stage which represents the action steps where the product is delivered to the client or market. The phase also includes closing the project out with lesson learnt along with quality, engineering and budget reviews.
Innovation Solutions Plus can work with its client to supply the whole product development capability or any part of it depending on the client needs and / or requirements.
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Research & development
The old saying “the client wanted it yesterday” has never been closer to the truth. Speed is probably the last competitive advantage, with the technology landscape changing almost daily it is a challenge to not only develop and build quick novel concepts, but also not to be left behind in the technology race .
Innovative Solutions Plus can offer research and development (R&D) technology services as you try to expand into new markets, products, services or processes and developing technology that has never been done before whether that is internal or external of your business.
The overall goal of research and development is to develop new products and markets that improve your current and future business opportunities.
Innovative Solutions Plus can assist in conducting research, develop concepts, create prototypes, and execute testing to accelerate your products to market. After verifying and validating designs, we can assist with developing a plan for getting the design into production.
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