Product-Centric Perspective: Connectivity In Product Development

In today’s era of hyperconnectivity, a product-centric company in Asia cannot solely rely on its internal structure and resources to generate new ideas and innovate. In order for the new product development (NPD) process to run with as much accuracy and speed, the involvement of external parties such as customers, suppliers, and regulators is absolutely necessary. The contribution of external parties in each stage and gate of the NPD process becomes increasingly important. For example, in the discovery stage, companies cannot just rely on the marketing research team to look for new ideas out in the market; at this stage, customers should be actively engaged to provide inputs. Technological advancements have greatly improved companies’ abilities to establish greater connectivity with customers, thus aiding the process of collaboration on the development of new products…