Here's how you can choose new technology for product innovation.

Product Innovation is not about technology but mainly about solving problems better in the areas where it matters. Product Innovation can be classified into either disruptive innovation or incremental innovation.A disruptive innovation significantly impacts a market by introducing a new product, while incremental innovation is about improving an existing product, process, service, or organization performance. Product Innovation can be brought into market by addressing some or all of the factors such as Usability, Experaince, Cost, Business Model, Accessibility, Availability etc. with product implementation. Any simple/complex technology that helps to implement a solution for any of the above problem/factors would be a good technology.

In today’s fast-paced business world, it’s tempting to dive into new technology. However, true innovation begins with understanding your organization’s needs. Start by evaluating current processes and products to identify gaps and areas for improvement. Gather customer feedback, assess market trends, and incorporate your team's insights to pinpoint where new technology can address real issues. Remember, innovation isn't just about technology; it can also mean enhancing internal processes or improving customer relationships. Prioritize the impact on customer experience to ensure your innovations add meaningful value and drive success.

Innovation is about choices, and the first one is between 1) selling what you can make vs. 2) making what you can sell. I'll go with #2 every time because you've already done the critical work up front to ensure you're satisfying a need, there's a market, and you will make money. No need to spend the money on building a prototype, testing, engineering, patent searches, etc. If you can't sell it, why make it? Killing ideas early in stage-gate is a good sign you're eventually end up with a winner.

It is very important we carry out the current realities within the business and understanding the gaps and it's impact to the business

I started my career with technological innovations, and very quickly working with product teams it became clear that Product Innovation goes beyond technology, in fact technology is a powerful ally but Innovation is about finding and filling a gap in the market with excellence. It takes research, creativity, persistence and especially perfectionism.

Researching technology options for Product Innovation broadly covers: 1. Keep up with the Industry trends, 2. Analyzing the Competition's tech stack and 3. Technology scouting Stay updated on Industry trends by attending conferences, reading industry publications, and following thought leaders. Analyze competitors’ products to understand the technologies they are using and their advantages. Explore the opportunities to partner with research institutions, tech incubators, and startups. Technology evaluation for Product Innovation research covers feasibility, cost, scalability and regulatory compliance.

Observational research to identify unarticulated needs unlocks long term value. Most customers cannot articulate unmet needs, but watching them carry out a task or job can help identify compensatory habits or tasks. Early prototypes can dramatically help

Converting scientific knowledge into a product in lab scale Without scientific knowledge there is no research So scientific knowledge is part of research

1. Define las necesidades del proyecto antes de investigar. 2. Busca soluciones como referentes que se ajusten a tus requisitos. 3. Considera opciones emergentes para obtener ventaja competitiva, pero sé realista sobre lo que puedes implementar y sostener. 4. Realiza pruebas para validar antes de decidir. Después de la implementación, establece un seguimiento continuo para ajustar y mejorar según sea necesario.

It is difficult to find relevant metrics for evaluation of innovations- especially for disruptive innovations and innovations targeting next- or future generation of business. The further ahead you aim to less relevant costs and revenues becomes. "Learnings before earnings" is a mantra I use and I have my own redefined ROI metric, where I don't estimate Return-On-Investments, but instead Risk-Of-Ignorance, in a context where we, instead of estimate the cost for actions, we try to understand the consequence of NOT acting.

Enhance cost analysis by incorporating advanced financial modeling and scenario planning. Use tools like Monte Carlo simulations to predict the financial impact of different adoption scenarios. Consider the technology’s potential to drive revenue growth, improve operational efficiency, and reduce costs in the long term. Incorporate intangible benefits such as brand enhancement and employee satisfaction into your ROI calculations.

While I have given a hint of why behind P&L profitability in the previous point. As a project lead, one should do the bellow: 1. Make 3 P&Ls to better ascertain the situation (Existing P&L, Innovation P&L, Shadow/Your competitor P&L) 2. Dig deeper into each and every head, none is small or irrelevant. 3. This rigorous exercise will help you in arrive at important decision on COGS roadmap, pricing strategy, profitability roadmap and eventually if this project works for your company at this point. There are a lot more things one can do, but not all I can list here :)

Perform a detailed cost analysis for each technology option. Consider not only the initial acquisition costs but also the total cost of ownership, which includes installation, training, maintenance, and any necessary upgrades. Analyze how the technology will impact your budget and financial resources. Balance the cost against the expected benefits. The new technology should offer a clear return on investment through efficiency gains, cost savings, or other benefits that justify the expenditure.

Cost analysis for technology driving Product Innovation involves a thorough cost evaluation associated with adoption and implementation. It aligns with the financial objectives while providing a viable return on investment (ROI). 1. Initial cost: The purchase, installation, setup and staff training add up to contribute to the acquisition cost. R&D covers the prototyping and testing costs. 2. Operational cost: Evaluates implementation costs of Project management, system integration and Maintenance and Support. 3. Indirect cost: Encompasses both opportunity cost and productivity impact cost. Opportunity cost evaluates the benefit of one choice over the other. 4. Long-term cost: Covers scalability, compliance and security expenses.

Today you cannot operate without your core systems communicating. Make sure that this will be a fairly routine undertaking - check for APIs and third-party tools that can easily integrate the product with your other systems. The seamless flow of data between core systems is the lifeblood of a modern organization.

Integration ease and enterprise fit can often tug on both sides. I suggest you take careful inventory of what you have today, specifically in your integration and event streams. Don’t jump head first and overpay for realtime events. Carefully plan your integration layer and always ensure there is a governance and change management process.

I think this shouldn’t be the first step, but a parallel task as it’s critical for future work flows. One can simply make a mock work flow, and run an internal and external pilot with a select group of end consumers. This will help company across categories get a flavour of what’s to come and improve it to a level where you’re comfortable to launch.

Seamless integration of new technology is crucial for innovation success. Assess compatibility with existing systems, flexible APIs, and wide platform compatibility to reduce complexity and enhance efficiency.

Opte por tecnologias que ofere?am APIs abertas e bem documentadas para facilitar a integra??o com seus sistemas e ferramentas.

When making technology innovations, it's important to prioritize scalability and longevity. Look for solutions that receive regular updates and developer support, are adaptable to future trends, and can seamlessly integrate with upcoming innovations. This foresight ensures that your chosen technology remains relevant and valuable in the long term.

As many said, future proofing starts with picking the right solution. Always make sure you request to view the prospective provider’s roadmap. Also, ask whether the solutions are “cloud enabled” versus “cloud native”. In my experiences, Cloud enabled is typically reserved for traditional COTS that can be run in the cloud instead of your data center. These are often warning signs of a legacy technology that’s trying to move to the cloud versus being designed as micro services etc.

Para preparar o futuro da organiza??o, fomente uma cultura de inova??o contínua, incentivando a equipe a se manter atualizada sobre tendências tecnológicas. Invista em parcerias estratégicas com startups e centros de pesquisa para acesso a novas ideias e solu??es emergentes. Implementar um comite de inova??o interno pode ajudar a criar, testar e validar tecnologias em um ambiente controlado antes da ado??o em larga escala

It is easy to be swayed by latest and flashy tech names like RPA, AI, ML etc., but it is very important to look at what addition/features have to go into your product that adds value to the customer rather than features that are required for marketing your product and don't solve anything. A well define objective, good UX design, simple solution with a proven technology will give a quick ROI and less maintenance cost

Actually I disagree with the approach described. When driving product innovation you should always start with the user in mind and design around the user’s needs in a specific context of use. Conducting rigorous user research will allow you to gain insights and tap into real user’s pains. After defining the pain you are trying to solve for, or goal you are aiming for, you need to explore the possible solutions across a variety of innovative technologies and choose the one that will most enhance the user experience. You must test the technology through usability testing and other quantitative and qualitative methods to avoid choosing the wrong technology for your users and make sure they have a smooth and intuitive UX.

User experience: The soln should be logic driven, and more sustainable drive adoption and maximize the benefits of your investment in innovation. solutions which are intuitive and enhance productivity or customer satisfaction

UX/UI are critical for adoption. No instructions or user manuals!! Think of Apple and the ability to easily use their products

When evaluating new technology, prioritize the impact on the end-user experience. Opt for intuitive, learnable, and memorable solutions that enhance productivity and customer satisfaction. User-friendliness is crucial, as even advanced technology can fall short without it. By prioritizing user experience, you drive adoption and maximize the benefits of your investments. Focus on learnability and memorability to empower users, reduce learning curves, and create lasting impressions for successful technology adoption.

3 other points: -Be wise to know when to pivot if something is not working. Quite often, we drag our pick hoping to make it work. -Validate with a prototype, seek early feedback and identify potential gaps. -Learn from others-industry, peers, etc. on what others are doing with the new tech.

I can not emphasise more on the fact that you have to make sure your future products and services are aligned with environmental sustainability and reduction of waste. In future this is the main differentiator and if you want to introduce new products or services to the market you need to make sure you address these aspects. By doing that you will reduce the cost associated with production and also the consumers will love your product over your competitors. Be kind to our planet! ???

0 Starting by the customer pain points is always a good idea! Instead of spending hours choosing between technology push or market pull, deep dive on customer pain points to understand what’s really is/are the problem(s), in most of the time technology innovation is going to be far more easy

All good stuff here. We also want to stay mindful of why product innovation is important to our firm/organization. What specific role does it play in our journey? n our growth? and most importantly in who we are in our industry space? The answers to these questions impact every single category listed in this article. We cannot effectively chose a technology or technology partner, for example, or critically evaluate cost/effort benefit, without first understanding the role of product innovation in our journey. It starts there, and that piece may not have been emphasized as much as it could have been.

Before selecting new technology for product innovation, consider running a pilot with a small set of users. Involve them in the needs assessment and selection process to ensure buy-in. Ensure different ways of using the technology are captured and feedback is collated, analyzed, and interpreted by an objective party for honest insights.