Assignment task:
The elements of innovation that are key to successful product development are keeping design engaged with the strategic leadership team, maintaining a co-creation framework, and creating product development best practices. First, more opportunities are available when an organization's processes do not so tightly constrain design, and they can cross-collaborate. Consumer-centric designers can assist in initial strategic ideation while advocating for the consumer. Having design engaged with the strategic leadership team creates innovation opportunities by designing products that fulfill the company's strategic intent (Jones, 2002). Next, maintaining a co-creation framework creates a collaborative product development process between consumers and the firm. Through co-creation, a company can reduce costs through increased efficiency based on a better consumer understanding. They can also create a product that better fits the consumer's needs (Hoyer et al., 2010). Furthermore, understanding the consumer through co-creation allows an organization to predict better product-market fit and future market share (Shin-Tien & Bao-Guang, 2013). However, an organization needs to identify and implement best practices to truly make product development successful and efficient. Companies that perform well use a formal process with clearly defined stages visible throughout the firm. A company can gauge how well the project is doing based on established metrics, such as customer satisfaction, time-to-market, and sales volume (Kahn et al., 2012). Ensuring cross-collaborate to reduce constraints while gaining market feedback and creating optimized processes and metrics allows companies to be successful in product development.
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