Global expansion of businesses has forced business organizations
to employ various techniques to attach new customers with their products
and services and retain existing ones. Product innovation supposes to
be one of such services which proves to be way effective than others. In
simple words, it's a process of development and launch of new or
substantially enhanced products or services. These enhancements can be
brought by changing design of the product, adding some new functions in
it or including some new features.
Significance of Innovative Employees
A successful innovation process depends on innovative employees. As it's generally spoken in business world, the most valuable asset of a business organization is its employees. No business organization can survive without product innovation process and no such process can survive without innovative employees. Employees with innovation strategic approach can take a company to much higher levels. Best innovative ideas are those which don't cost much but give stupendous outcomes. Such ideas can be developed by only those people who have creative thinking.
Human resource department of an organization should be sensible enough to recognize creativity within people. They should organize trainings for transforming good employees into innovative employees.
Attributes of an Excellent Product Innovation Process
An efficient product innovation process starts with finding problems in the existing product. Companies can contact users of existing products on functioning of them. They can also refer to websites or magazines publishing reviews of customers. Complaints stated in such reviews or surveys can be very helpful in innovation of a product. Companies can end up with a much improved product while removing flaws from existing one. Customers are also very creative in suggesting new features that can make it even more efficient or eye catching. Users of a product can be most efficient source of innovative ideas about a product. An innovation strategic survey can make a company capable of understanding all expectations of the customers. It can make them in position to assess what problems to be eliminated and what features to be added.
Continuously determining needs of customers to develop apt products and services can take a company to new heights. Most of the companies accept that constant product innovation process is the most efficient way to cope up with present day competition. But such a plan should be defined very wisely. A carelessly drawn plan can make all your money, efforts and time invested in it go in vain. Planners of such plans should consider some factors before implementing it.
Things to Be Kept In Mind While Product Innovation
First of all, all the long term and short term goals of the company should be kept in mind. Companies focusing on short term performance usually don't survive for long and on the other hand companies focusing only long term performance find it unable to face rising competition. Second thing to know is needs of customers of existing products. Customers can always suggest something innovative even if they are satisfied with products. The company must also consider resources available with it like funds, number and capacity of innovative employees, technologies being used etc.
Significance of Innovative Employees
A successful innovation process depends on innovative employees. As it's generally spoken in business world, the most valuable asset of a business organization is its employees. No business organization can survive without product innovation process and no such process can survive without innovative employees. Employees with innovation strategic approach can take a company to much higher levels. Best innovative ideas are those which don't cost much but give stupendous outcomes. Such ideas can be developed by only those people who have creative thinking.
Human resource department of an organization should be sensible enough to recognize creativity within people. They should organize trainings for transforming good employees into innovative employees.
Attributes of an Excellent Product Innovation Process
An efficient product innovation process starts with finding problems in the existing product. Companies can contact users of existing products on functioning of them. They can also refer to websites or magazines publishing reviews of customers. Complaints stated in such reviews or surveys can be very helpful in innovation of a product. Companies can end up with a much improved product while removing flaws from existing one. Customers are also very creative in suggesting new features that can make it even more efficient or eye catching. Users of a product can be most efficient source of innovative ideas about a product. An innovation strategic survey can make a company capable of understanding all expectations of the customers. It can make them in position to assess what problems to be eliminated and what features to be added.
Continuously determining needs of customers to develop apt products and services can take a company to new heights. Most of the companies accept that constant product innovation process is the most efficient way to cope up with present day competition. But such a plan should be defined very wisely. A carelessly drawn plan can make all your money, efforts and time invested in it go in vain. Planners of such plans should consider some factors before implementing it.
Things to Be Kept In Mind While Product Innovation
First of all, all the long term and short term goals of the company should be kept in mind. Companies focusing on short term performance usually don't survive for long and on the other hand companies focusing only long term performance find it unable to face rising competition. Second thing to know is needs of customers of existing products. Customers can always suggest something innovative even if they are satisfied with products. The company must also consider resources available with it like funds, number and capacity of innovative employees, technologies being used etc.
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