According to the World Intellectual Property Organisation’s (WIPO) 2022 Global Innovation Index, the implementation of IT technologies is actively developing globally, and the volume of investments in innovative projects is increasing. Innovation has long been viewed as the measure of economic progress and creative output among various sectors. In the past, innovation used to be a key driver of economic growth, helping to measure and improve productivity. However, nowadays technological advancements haven’t generated the type of sustained productivity growth that was previously experienced in industrial revolutions.
The process of creating an innovative product requires a systematic framework that encompasses research, ideation, development, testing, and iteration. Innovation is the practice of developing and marketing breakthrough products and services for customers to adopt. Below are the 7 steps from start to finish of the ideation process.
In the case of a software development company, this is referred to as the Software Development Life Cycle (SDLC). A process that produces the best quality software with the fewest incurred costs in the quickest time possible without compromising on the final output.
Before you can start brainstorming ideas about what kind of product or service you will provide, you first need to identify the pain point people are having. A brilliant product or service could be created but with no market need for it, it won’t matter. It needs to be seen as a solution in a specific market or industry. Through exhaustive consultations with potential customers and receiving feedback on what they want to be solved can you then deliver them an offering.
Delve deeper into the potential problem or opportunity by conducting extensive research and competitor analysis as well as market trends. Through exhaustive research and assessment, you can observe and identify potential gaps in the market that your product or service could fill. With the data collected, you’ll be better positioned to understand what customers are seeking, and the underserved niches in the market, and determine your ideal target market. From preferences to personas to buying behaviours and patterns.
At this stage, you have to assess the technical, financial, and operational feasibility of each concept. Identify any potential risks that may arise during the development and production phases. Also, take into account the recommendations and/or questions from your target audience that you need to incorporate when it comes to building out your idea. The answers you receive are an indication of how well-suited your product meets the requirements of the market.
Once you’ve analysed the data and your target audience, you can use it to refine your ideas into defined concepts. Factors such as feasibility, target audience, and market potential along with other variables need to be determined. Create prototypes, visuals, or virtual models of the product to visualise what it may look like. Once the prototype is complete, seek feedback from the target audience to see how the product matches their expectations. Continue to iterate based on this product testing feedback until the best possible version of the product is designed.
With the feedback and concept development complete, next is the design and development stage of the product. Work with the design and engineering teams to prototype what your research and target audience have deemed as important to include. Refining the product until it meets the necessary specifications and then engaging with the target audience again to assess whether the product matches their expectations. Further iterations may be needed based on their feedback. In a software development company, this could mean recoding the platform or testing out its features to ensure everything works optimally without irregularities.
Test the developed offering in a real-world environment or in a controlled simulated setting to gather valuable feedback and assess the performance of your product or service. Iterate and refine the product based on the test results, incorporating user feedback to enhance its functionality, usability, and overall value. In the previously mentioned example of the software development company, this step would entail the software maintenance phase where regular bug checks and deployment tests are run to ensure the software runs as planned.
Before the final production and launch of the final product or service begin, marketing plans to advertise the offering need to be set into motion. Other steps include protecting the intellectual property of the product such as patents or trademarks. Consultations with legal professionals to understand the requirements when it comes to safeguarding intellectual property. Along with observing your client's reactions and collecting important data, this can determine whether scaling in the future will be a viable option.
In conclusion, Innovation plays an important role in business innovation, whether that’s custom software development or web development for example. The most effective offerings are the ones that use innovative thinking to make iterations to products and processes. Embracing and cultivating innovative thinking is crucial in an ever-changing and dynamic world, empowering individuals and organisations alike to thrive and make a meaningful impact.
