The rules of business are being redefined daily. In fact, change is happening more quickly than companies can adapt. While many organizations have their digital transformations well underway, even those with vast resources are struggling to keep up with the rapid pace of new developments in technology, communications and consumer interests. This is especially true for organizations looking to grow revenue and profitability by adopting digital innovation processes to accelerate product development and to better manage product lifecycles.
For our purposes, we define digital innovation as any initiative that opens new paths for company growth by enhancing product development through the utilization of cutting edge digital technologies, advanced operating structures or innovative business strategies. Let’s take a closer look at how digital innovations are affecting a company’s product development team.
It used to be that the software development process followed a very predictable pattern: scope of work, list of requirements, identification of resources, etc. From this list, a process was designed with incremental steps that were completed in a sequential manner. Innovation wasn’t generally desired, as change could cause delays or other failures.
Fast forward to today, and software and other product development is being conducted on a whole new playing field. Rapid innovation is the name of the game. Just a few of the new technological advances and trends having an impact are:
- The availability of DevOps platforms, providing expansive virtualization, and delivering continuous test, lower costs and more flexible products
- The wider adoption of distributed ledger technology that offers a way to securely exchange data with trusted networks and execute smart contracts through non-repudiation.
- Data analytics, artificial intelligence, and augmented reality platforms that offer new ways to enhance the user experience or to automate systems
- Low-cost, embeddable technology that collect useful data (either on users or a platform) but which require customization and large-scale systems integration
The list goes on. Each new technology requires the project team to be well-informed, nimble and able to adjust product requirements on the fly. Jan-Martin Lowendahl, Gartner’s research vice president summed it up best: “In today’s increasingly digital ecosystem economy, success is based on the speed of integration.”
One of the best ways to understand the requirements of digital innovation is to understand what other successful companies have already experienced. We created a free webinar, Accelerate Product Development with Digital Innovation, where I shared anecdotes from industry-leading companies on their digital innovation processes. We also covered:
- How to build the best framework for your company
- How to leverage and optimize existing technologies
- How to rally teams around new initiatives and processes
You can find out more information by visiting this link.