Quick Solutions For Product Innovation
In the continuation of our series aimed at senior executives responsible for new product development, we present two practical strategies to overcome the hurdles of capacity and experience that stifle product innovation. By realigning team focus and enhancing skillets, companies can more efficiently move innovative products from concept to market.
Prioritizing Projects to Optimize Capacity
One quick and effective strategy to improve your teams capacity is for leaders to actively prioritize projects. This sounds basic, but too often managers are unable to make tough choices, and instead fail to help the team properly prioritize. Too often the team feels like everything on their plate has the same level of priority and they become paralyzed, not knowing what to work on next. For the leadership this means making tough choices about which projects to advance and which to hold back, allowing teams to focus more time on new product development. Such prioritization not only alleviates the strain on resources but also prevents burnout, ensuring that key projects move forward with the attention they deserve.
Enhancing Team Experience through Targeted Exercises
To bridge the experience gap, two quick exercises can be extremely beneficial:
Competitive Analysis:
Encourage your team to conduct thorough analyses of competitive products. Understanding how these products function and how they are designed and constructed can provide valuable insights and spur innovative thinking.
Design Sprints:
Implement short, intensive design and prototyping sprints that challenge the team to create viable prototypes within a few days. These bursts of creativity not only build experience but also foster a culture of rapid innovation and problem-solving. Short sprints also alleviate a fear of failure, as the expectation is not for a perfect prototype, but to advance the teams understanding of a particular product.
Conclusion:
By focusing on these strategic areas, senior executives can make a dent in the twin challenges of limited capacity and experience. This approach not only will speed up product development but starts to pave the way for a robust product pipeline and a stronger market presence.
