Pankaj Deshpande

In today's competitive landscape, the amalgamation of employees, consumers, streamlined company processes, and innovative strategies stands as the cornerstone of a thriving business ecosystem. Central to this success lies the formulation of a robust product innovation strategy, a framework that comprehensively encapsulates the products offered by a company and their contextual environment. Importance of a Product Innovation Strategy An organization, despite possessing a clear-cut business strategy, falters without a well-defined product innovation strategy . While salespersons cater to the immediate needs of major clients and business heads target specific markets, the R&D teams and engineers delve into emerging technologies. A successful strategy integrates these diverse perspectives. McKinsey reports that 80% of business professionals perceive their current business models as susceptible to disruption, highlighting the imperative role of product innovation in their growth str...

The road to innovating product design comes filled with detours and roadblocks. This is why product innovation remains a challenge for almost every business industry. Also, the fear of failure haunts many business owners when they make plans to innovate product design in their companies. Hence, businesses nowadays set aside substantial funds to invest in innovation and design to build beautiful and functional products.  Ways to Innovate Product Design Continuous Innovation is never simple, and if you keep employing the same methods for innovating a product design, you will encounter diminishing outcomes. You must understand that product design is similar to art, and creativity and imagination arrive together to produce something unique, attractive, and striking.  However, product designers possess a diverse set of difficulties than the artist. Product designers ought to design products keeping the users in mind, and their creations must be valuable. Hence, every designer must...

Customer-Centric Innovation in Business  A product is introduced in the market when an organization assesses a gap between the needs of the consumer and the market that they can fill. Although businesses want to get the maximum profit from these products or services, the primary focus remains on providing goods or services to meet the customer’s demands and resolve their issues.  What is customer-centric innovation?  Customer centric innovation is product innovation, with the customer being at the heart of the process. In this approach of business innovation, the focus is given to customer needs, satisfaction and feedback. A customer-centric innovation would imply that the organization will actively work to create better products for its consumer base based on the following questions:  What do customers like about our product? What can we do better? What is an unnecessary or not updated feature you would recommend about our product? How to create customer-centric in...

Necessity is said to be the mother of inventions but isn’t innovation an important part too? Novel ideas and even concepts are being introduced in the market day in and out. People are more attracted to things they have not seen or experienced before; people need innovation! If ‘basic need’ were the only requirement of humans, there wouldn’t be a variety of concepts and competition in the market.  Did you know? About forty percent of the leaders and entrepreneurs in the United Kingdom fail because they fear their ideas. But, you can’t succeed if you don’t start. So, let us look at some product innovation ideas that you need to know.  Latest product innovation ideas A pillow that is meant to hold your tablet  Don’t you feel tired of holding that tablet in your hands for a long period of time? Would you not feel comfortable grabbing and hugging a pillow instead? A pillow tablet does that. It allows you to feel comfortable attending a long and boring online lecture or watch...

How amazing it is being able to form ideas and concepts through the genius of the human brain. This process is termed as the Innovation Process. The most interesting thing about innovation is, in fact, being able to turn an idea into a successful project. However, the innovation process is a complex process. What is Innovation? The Innovation Process is the structure that ensures your innovation team has novel ideas and the ability to successfully implement them. With the innovation process, you have a strategy that compels you to drag it all the way to the finish. It also increases the efficiency of actions, as it places innovation that is continuous.  Importance of the Innovation Process Ensures business survival : Some companies have been on the market for years and, therefore, remain in their comfort zone. Meanwhile, other businesses are investing in the Innovation Process to meet the current needs of the consuming public.  Organizes internal processes : Innovation manage...

Product innovation is exactly what it sounds like; it involves coming up with business innovation ideas to develop new products or improved renditions of existing products to make them more useful. The rollable LED television by LG is one of the best examples of Product Innovation. Other good examples of product innovation are Nike, Spotify, Amazon. Business innovation ideas that stand out are shifting focus from mass production to mass customization, serving customers uniquely, as a service and differential experience. According to a study, 63% of the clients appreciate it when a company offers them a new / upgraded product. Product innovation can be of three different types.  A brand can develop an entirely new product.  The brand can improve the performance of an existing product.  Last but not least, the brand can add new features to the existing products.  Product Innovation for Business Growth   Expansion : Effective product innovation sires more developm...

How should Employees come up with Innovative and Unique Business Ideas? Coming up with business innovation ideas is a cakewalk for some people, but at the same time for others, it is a tough row to hoe. In most situations, a person knows that they want to start a venture, but they do not know the process or the initial steps. The foundations of a stable business are creative and innovative ideas and product innovation. The ideal approaches to incorporate innovation in entrepreneurship are to move toward it from various angles. Here are some of the tips of Innovative and Unique Business Ideas for Employees . Tips for Coming Up with Business Innovation Ideas Product innovation is easy as pie if you know the right way. Therefore, the following are some remarkable suggestions to help you integrate innovation in entrepreneurship -  Look for a Problem Instead of looking for a solution, try to find a problem. Do proper research to find out what the needs in the market are. Who could be y...

Evolution is a very necessary component for an organization of any kind. A company that wants to stand out in the market, regardless of the niche in which it will be inserted, will need at some point to bet on  Product Innovation  otherwise, it will be massacred by the competition. So, let's know more about it! What is Product Innovation? Product Innovation  is the development of new goods or services to be launched in the market. It can also be an improvement in the functions and assignments of an existing product. The idea is to gain space with pioneering changes, which may or may not involve high technology. Often, a simple and organic idea can be very innovative and attract consumers' attention. Without a doubt, it is a necessary step that must be taken to remain active in the market. Types of Product Innovations There are 3 types of  Product Innovations: Radical Innovation :  It consists of innovative ideas, high risk, considerable investment and market cha...