Product Innovation And Governance

Summary

Business development is the process of creating values for an organization within a long-term duration, where the values itself is served for the organization’s customers, markets, and relationships. Overall, business development is the process of enhancing the business itself. Business development usually revolve around 3 main issues, and that is revenue, expansion, and strategic partnership. Business development in terms of revenue usually talks about the projecting development in number of sales, where usually if one’s company have shown increment in revenue then it means that the business is developing. In order to achieve development in revenue, usually the position that need to have strategic tactic are sales team and marketing team. In order to achieve development in expansion, position that usually need to have strategic planning are networking team, project management team, vendor management, and more. Business development in terms of expansion usually talks about the ability of the business to expand either internally (product, service, etc.) or externally (geographical location, markets, etc.). This type of business development means that if a company able to expand their offering in the market, that means that they have developed. Business development in terms of strategic partnership usually talks about the ability of the company to create a partnership as a strategy to ensure that the company is developing and moving towards success. For this type of development, the team that usually would have a role is the public relation team and other team that involve on partnership with outsider. In the end, there are one remaining factor that really makes a business develop, and that is to excel in the industry you are working on, therefore you would also need to be able to know what your strength and weakness in the industry you are dwelling into.

Abstract

As we all know that one of the way to develop our business is to expand our product, therefore product management has a very vital role on ensuring our product able to penetrate more markets. While we know that using various channel to sell our product may help on penetrate markets, but what if our product is a digital product? In industry 4.0, digital product has rapidly evolved in a very short span of time, therefore we need to learn about digital product management too in order to adapt to the situation. We could learn about digital product management by first understanding the digital industrial transformation framework, where it resolve around our company’s aspiration, our company’s business model, our company’s capabilities, our company’s operating model, and questioning what our company need whether in people, process, or technology. With answering the question given in the digital industrial framework, we would understand better about what our strength and weakness. Now after understanding our own product, unlike items that could easily be exported, to expand our digital product, we would need to create innovation. Innovation are made to ensure our product always stay up to date with the age and to adapt with what the customer needs. There are 5 components to make a structured innovation, and those are clear decision, empowered innovation hubs, outcome-driven processes, relevant metrics, and targeted funding. Creating and analyzing these 5 components help in ensuring that the innovation we try to make become structured and solid, rather than just floating idea. But these components would never work out without collaboration across teams. That’s why it is very important for company to ensure that all of the team is working together and collaborate with one another.

Reference: https://www2.deloitte.com/us/en/insights/focus/industry-4-0/product-innovation-and-governance.html