Try the product development litmus test now
In this article, I’m going to show you the four biggest hurdles that consistently cause product development overruns. Then I’ll introduce you to our capability assessment system that turns your product development into a predictable strategy tool that crushes your competitors.
As the economy returns to growth, many organisations are now wrestling with innovation so as not to get left behind. For some of these companies, their product development capability was broken from cut-backs in the recession.
Others are looking to consolidate their success with a strong development capability for future growth.
So where does development and innovation fit into your business?
Well, there are two types of activity in any well run business.
“Running the Business”
First, there are the slick operational processes for running the business which are conducted on a daily basis. They entail:
And hopefully, these processes have been finely honed to yield a consistent and growing profit. You’ve been round the loop many times and every step is predictable and well optimised.
“Changing the Business”
Then you’ve got the other type of activity that’s relatively infrequent, that fundamentally changes the business for the better. Such as introducing new products, finding new markets or innovating any other aspect of your operations process which all come under the heading development.
Somehow, we expect these improvement tasks to be just as predictable as the operational tasks that have been done over and over again. In fact, ask yourself, if a new product development was that predictable and had been done many times before, then how innovative is that development?
Development Projects overrun for a myriad of reasons, but I’ve distilled all of these reasons into just 4 damaging factors:
Now worse still, any of these issues can have a catastrophic knock on effect, where failing projects torpedo other projects in the pipeline as they rob resources. Pretty soon you’re failing on every front.
Nevertheless, some organisations do seem to have a repeatable, predictable innovation launch formula and are just killing it in the market. It’s your key weapon for dominating markets and maximising profit.
Now you’re not going to have a world-class development capability overnight, you’ll die trying. Instead, there’s an incremental journey that you can take right away.
I’m Raglan Tribe and I’ve been managing Research and Development teams for the last 30 years. To make things easy, I’ve pulled together a simple “5 minute” assessment that helps you pinpoint where you are in terms of your development capability maturity and what the next steps should be.
Just take the assessment below to start your journey towards market dominance.