Lean and agile directed innovation for delivering customer value faster than your competition
Most product development projects take too long and by the time a new product is introduced to the market we often find that our customers prefer to buy a competitor’s product instead.
To create new revenue for your enterprise from new products faster than your competitors it is no longer adequate to just find a new idea and immediately start to develop it into a new product using the same processes you always used.
The sad reality is that most businesses today still operate at the same high new product failure rates as 50 years ago.
At the beginning of a new product development project we have great flexibility in how to achieve desired product lifecycle features, but as we go forward in the development process our flexibility evaporates.
At the beginning of a project we usually do not know how to achieve the end result, so we learn as we go. The problem is, that by the time we know what we should have done at the beginning of the development process our flexibility has disappeared and we are unable to respond – or if we can, it is usually at very high expense or requires redesigning of the product.
The aim of fast, lean and agile product development is to increase our knowledge at the highest speed such that we can maintain flexibility in the design process, enabling us to adapt and act quickly with low cost impact.
The benefits of fast learning and prototyping with minimum feature sets (minimum viable products or MVPs) are less waste of time and resources, and quicker and cheaper market entry.