Product development: risks and benefits
Depending on the industry you work in, product innovation is more or less important. If it is necessary for you to innovate your products, you should not forget that the complexity of innovation can also create risks. You should be aware that this can lead to additional personnel expenditure and costs. Furthermore, it is particularly important to find the right time for a new innovation.
When a new, innovative concept is developed for product management, it is especially important that the right strategic tools are used to be successful. If a company succeeds in doing this, it can have some positive effects on an organisation, in addition to all the risks. These include, for example:
- Competitive advantages
- Increase in brand awareness