Product development involves developing new products or modifying existing products so they appear new.
From our experience many managers struggle to implement product development projects on time and budget. The process involves many tasks that are unique, requirements that constantly change, and the output is information, which can reside in multiple places at the same time.
Many aspects of product development are unpredictable: when projects will arrive, what individual tasks they’ll require, and how long it will take people who have never tackled such tasks before to do them. Product development requires that the team anticipates the reaction from the competition and takes into account customer needs now and in the future, the ability to finance prototypes and manufacturing processes, and a creative marketing and communications plan.
Captiva works with clients in our focus sectors to address the following areas with regard to product development:
- How do we ensure that consumers are at the front and center of the product development process from discovery to the end?
- How do we respond if the competitor beats us to the market for a product to which we have already committed resources?
- How do we ensure we have adequately anticipated the implications of the inherent variability of the product development process?
- How can we speed up time to market to enable us gain first-mover advantages?
- What do we need to do to turn around projects where deadlines have already been missed and successful project completion is threatened?
At Captiva Africa we collaborate with experts in our focus sectors to assist clients improve the new product development process from discovery and execution to commercialization. More recently we have worked directly on specific products and helped clients institutionalize capabilities to sustain best practices in executing ideas-to-launch. In particular we have assisted our SME clients meet their product development goals that meet their drive their product profitability- launch dates, cost, quality control and revenues.
The key advantages our SME clients enjoy over the large corporates are their ability to adapt quickly to environmental factors. The Captiva BDMs leverage this attribute by assisting the entrepreneurs recognise their own best approaches to idea generation, how to play to their strengths in the area of new product development without stifling the ability of the entrepreneur to react to change.