Most product development in consumer goods is being done blind, leading to waste and high product failure. It’s time to change, through innovation intelligence.
Want to discover how to transform your success rates through innovation intelligence? Register and hear from industry experts from Waitrose, Iceland, and more, at our upcoming Virtual Conference: https://innovate-future.com/
Do you know how likely your innovation is to succeed?
It’s a simple and powerful question that most product developers can’t answer. This is because innovation has become a space that is too low on intelligence, yet too high on process.
Too much focus on process means too much rigidity and a lack of ability to pivot and iterate. While a lack of focus on gathering evidence-backed intelligence means many decisions are made on instinct or no foundation at all.
This leads to very high levels of poorly applied resources that consequently result in a huge cost – waste – in the form of time, energy, focus, opportunity cost and, importantly, money.
And that’s not even including the physical waste; the packaging protecting products that no-one wants; slow-moving new products taking up space in warehouses having eaten up huge amounts of energy to get there in the first place; products being thrown away after they pass their shelf life. It all adds up to a discipline in need of disruption.
Perfecting the product development process
And this is no small issue, with a failure rate above 80% and a staggeringly low return on investment in innovation, something has to change.
Innovation will be one of the key growth drivers as we emerge from the pandemic, and businesses that get it wrong risk being left behind. So, the key question is, why is all this happening?
Put simply, a lack of intelligence available to innovators and product developers through the development cycle results in product development being done blind.
What is blind innovation?
Blind innovation is a term used for situations where decisions are being made with little or no data to back them up. If a buyer looked at their range and had to guess what the highest selling product was so they could extend it to all stores, the opportunity cost of that guess would be massive.
Yet product developers are in exactly that situation – they blindly put a set of ideas or concepts into the top of the development funnel but have no solid data set to help them decide which concepts to double down on and progress, and which to park.
As a result, blind innovation has a staggeringly low chance of success, as so much is being left to chance.
How to move from blind innovation to innovation intelligence
Through the creation of the innovation intelligence mindset, we want to bring light to the product development process in the form of consumer intelligence to validate every decision being made.
That consumer intelligence needs to take the form of robust, rapid, predictive consumer insight, delivered through technology platforms straight to the hands of the decision-makers. We want to see product developers move away from instinct and assumptions, to empirical evidence that proves or disproves hypotheses and drives the innovation process to success every single time.
That’s why at VYPR, we are driven to create the innovation intelligence market, designed to drive innovation success in the consumer goods market globally.
Real-time intelligence helps businesses stay ahead of the curve
It’s time to use forward-facing data and intelligence to create relevant products for today and tomorrow.
It’s time to get real-time intelligence quickly and efficiently without needing to run inefficient focus groups or outsource large and cumbersome research reports that become redundant by the time you set out to use them.
Real-time intelligence is key to meeting future demand: data reveals trends, changing consumer insight and opinion, and these predictive analytics mean you can stay ahead of the curve and create products you know will meet a real demand.
Through innovation intelligence we can reduce the high innovation failure rate we see in the market today.
So take off the blindfold, see your consumers’ opinions brought to life, and steer yourself down the path of data-driven success.
Learn more about how innovation intelligence can transform your innovation success, at our upcoming Virtual Conference – Innovate 2.0. Join us and industry experts from the likes of Waitrose, Iceland, and more, as we discuss innovation for the future. Book your place now – https://innovate-future.com/
To find out more, visit https://vyprclients.com