One of the top priorities of corporate executives is improving product innovation and development, with the aim of increasing revenues from new products, driving down costs and reducing cycle time. Critical challenges companies face when improving innovation and new product development are:
- Identifying winning product ideas for further investment
- Developing a strong pipeline of high-value ideas at the front end of the process
- Ensuring the strategic fit of products regarding market requirements, sustainability, compliance and innovativeness
- Reducing inefficiencies stemming from poor execution of structured processes
This paper provides an overview of Sopheon's best-practice solutions that support both an organization's innovation processes and the creative-thinking people working within them to increase the business impact of product innovation.