To help your company develop innovative technology and products with the end goal of commercialisation.
As markets and customer demands & expectations evolve faster than ever, the need for businesses to develop new products and/or services to stay ahead of the competition becomes imperative. Product life cycles have also increasingly become shorter over the years which adds to the challenge for businesses striving to be ahead of the competition.
In today’s “world of now”, there is also a time crunch to launch new products/services and bring them to market as soon as possible. All these dynamic elements require businesses to have a robust setup so as to embrace innovative technology and develop products with the ultimate goal of commercialisation.
Businesses who have not evolved and have not developed new products/services will inevitably face the following challenges:
- Loss of market share as products become redundant over time.
- Increased possibility of the entire business becoming redundant as it products become irrelevant to customers needs.
- Inability to command desired asking price as the perceived value at of its aged product service becomes lower over time; ultimately forcing the organisation into a price war situation