Digital product development

Markets are becoming more volatile, uncertain and unclear. Digital product development is driving markets, innovation and economic success. But what are the key factors? Key external and internal success factors for companies are not changing. These include positioning or strategic focus in the market, but also core competencies and the generation of relevant added value for the customer. What does change fundamentally, however, is product development, as companies have to keep competing with other companies with new, innovative ideas.

Digital Product Development: Minimal Marketable Products

The understanding of “market readiness” is changing. Wherever possible, “minimum marketable” products (MVP) are introduced and iteratively developed further in the market. This has several advantages in terms of risk reduction and market success: – Business hypotheses can be tested in the target market at an early stage – Resources can be planned and deployed more specifically – Faster product development cycles, shorter time-to-market and faster return on investment – A new market can be occupied more quickly in terms of competitive differentiation – Services are really closely aligned with customer requirements Essential for the product development of this minimum functional product is a modular approach, but also the reduction of complexity so that it can be launched quickly and easily with the most necessary core functions. Where does this approach come from? The origin of this approach lies in software development and Lean Startup, which focus exclusively on original performance and customer benefit and cooperate as early, transparently and interdisciplinarily as possible in development. And not only internally. Cooperations and cooperation networks are among the most innovative forms of economic cooperation.

Production factor data

Today, a new product or component is only as good as the data it generates, which in turn is linked to other data and evaluated. The added value lies in efficiency gains, increased productivity and market protection, and the following points play a central role in this:

• Monitoring usage and performance
• Analysis and optimisation of processes and functions
• Quality assurance, occupational safety and ensuring compliance with standards
• Autonomous, adaptive regulation and control processes such as Artificial Intelligence (AI)
• Linking with external systems such as Augmented Reality (AR)

Familiar industry boundaries and product concepts in the sense of assets are increasingly dissolving, products and services are merging and functions are becoming services. All functions in the value chain such as research and development, production, personnel or sales will change as a result. Changed relationships, processes and structures. At the centre of this change is data. And product data is a company’s most important asset. F&P therefore supports you in the area of digital product development with key topics such as: – Customer and segment profiles – Product development and management – Organisational consulting, reorganisation and transformation – Methodology and culture – Agile organisation and project management – Collaboration management – IT connection and architecture – Development of new markets and business areas – Merger & acquisition, post-merger integration

Intelligent solutions for the development of digital products

We work with classical and agile methods to support you in the best possible way with your strategy for digital products and services. We focus on the needs of your target group, the customer experience and high customer acceptance. Our experienced consultants will create concepts for you and our interim managers will work with you to implement them operationally. Feel free to contact us if you would like advice on digital products and services.

Case Studies For further information on reference projects, please read more about the implementation and outcome of successful mandates in our case studies. Strategic focus “The main thing is to know where the mountain is”, says Reinhold Messner when asked what is the most important thing when climbing a mountain. Success factors such as a clear focus and a clear goal sound simple, but everyone knows how difficult it is to consolidate the different interests in the company and align them to a common goal.