Product Development and Engineering has been through a great transformation over the years. Product development in 2020 is addressing and solving the real world problems while creating agile and practical products and experiences. Today, the bubble of product development is allowing many product engineering companies to develop a product that is not only service-oriented, but also more towards the product service. Product development today emphasizes greatly upon working with the customers and having them on-board and involved throughout the process.

With the ever advancing digital world, it’s important for everyone to go beyond the ‘product’. Having a strong vision and a strategic plan for product development is equally essential.

The current levels and degree of innovation, ideation, and engagement lead us to having a strong and effective go to market strategy. Along with this, the emerging technologies let us create cutting edge human intelligence-based digital products in this golden era of product development.

As we make use of technology to ideate, conceptualize, and launch products to the markets, companies should be able to strike the perfect balance between innovation and the demands of the customers. Understanding the market need is another important factor which should be considered during the strategic product development planning. Products have to be launched into the market within less time. And, with emerging technologies, we can easily achieve this faster time to the market without compromising on customer experience and the quality. Advancing technologies demand companies too to be highly agile and adaptive.

A recent Gartner survey finds that 85 percent of organizations prefer a product-centric application delivery model resulting into smooth customer experience and quicker business outcomes. Product Development today, goes beyond just building a product, efficient sustenance and lifecycle management of product have become equally important now.

With innovations and advancements, companies should be developing products keeping in mind the futuristic technology developments. Product Development is not limited to any one aspect in particular. It is a process that should be considering the present and futuristic evolutions. Companies and product development teams have to be greatly adaptive and agile while working in this domain.

While transforming a vision into reality, it’s important to know that Product Development is a consistent process of innovation and integration in delivering excellent and concrete results through collaboration and nimbleness.


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Published on April 7, 2020