Herein lies the concept of the “New Product Development Dilemma,” an issue that affects the producers of physical goods and those of less tangible products, such as insurance coverage, alike. While top-performing companies generate a significant percentage of their revenue from new products, many financial organizations are not launching new products due to lack of product development capability. This is where the discipline of Product Lifecycle Management can help give your organization a competitive boost.
Here’s how you can streamline your processes and safeguard your decisions to gain the upper hand over your competitors.
In order to feasibly launch a new product while taking into consideration the legal and compliance-related risks as well as the need to adequately assess its marketability, companies must have an effective product launch process in place. In a market that is constantly evolving and that has experienced a considerable wave of technical disruption, it is crucial that these processes run smoothly enough to allow companies to update their product portfolios in line with changing customer demands. Here’s how you too can disrupt your own business model and reimagine your organization digitally.
BPM-driven Innovation with Workflow Automation
Deploying a product launch workflow solution and using workflow automation to improve the product launch process can greatly reduce the time to market and product development costs while improving forecasting ability and resource planning. Moreover, such an initiative is code-free and does not necessarily require a large-scale IT implementation or a complex IT infrastructure. In fact, it doesn’t need much in the way of IT expertise at all. What it does need is a focus on employees so that the software tools work for your employees and not the other way around.
With something as simple as the correct workflow tool, you can standardize how product information is collected and shared, and maintain a complete product development history that shows who made each key decision and when. This results in greater collaboration and a faster and more reliable product development process. Business users can use Product Lifecycle Management to keep track of product lifecycle processes that take anywhere from days to months to years, enabling competitive advantage without so much as thinking about writing a line of code.