How to innovate: 5 tips for successful digital product implementation
An innovative digital product or feature is needed. Perhaps you already have an idea of the direction it could take. But then the implementation is another matter. Where to start? Do thoughts like these sound familiar to you? You are not alone!
What I learned very quickly as a business developer at Mindnow is that there are a lot of cool ideas floating around in this company. We implement some of them. Others end up in the drawer sooner or later. The latter are mainly internal projects that we postpone to take care of our partners' projects. We always give 100 % – because our team can hone and implement innovative ideas!
Here are my tips on which criteria to focus on as a company to successfully launch a digital product on the market.
1 – Be radical
Yes exactly, be radical. I don't mean in a political sense, of course, but in terms of technological innovation.
Innovative ideas go far beyond product features. An update here, a small feature there ... incremental innovation won't get you anywhere. Focus on radical, disruptive innovation. There are huge opportunities to establish your company's core competencies.
At Mindnow, we see time and again that traditional corporate structures hinder the implementation of innovative products and make it difficult to react quickly to new market trends.
Radical innovation involves redesigning processes, business models, and customer experiences. Don't just adopt new tech trends, embed innovation into your company's DNA. Because being an innovator means being at the forefront and radically driving change, not chasing it.
2 – Too much strategy is counterproductive
Of course, innovation is only possible with a strategy. Every innovation starts with a precise understanding of the business objectives, the industry landscape, and the target group, as well as a picture of the future and a rough draft business case.
However, too much strategy is just as counterproductive. If you hire consultants to advise you on a large scale for a year, this will give you security. In the end, you may end up with a 100-page paper that has cost you a lot of money but hasn't taken you a single step forward.
For this reason, we at Mindnow focus on solutions that come to market quickly and deliver tangible value. This is precisely why we work according to the Scrum method.
3 – Use emerging technologies
Artificial intelligence (AI), Internet of Things (IoT), blockchain – these emerging technologies have the potential to completely revolutionize industries. Read up and explore how you can use these technologies to create new business models and improve existing ones.
Our article Where AI makes sense for companies is a good starting point for inspiration.
4 – True customer centricity only works with testing
Whatever you do, never lose sight of the most important thing: your customers. Solutions must be developed with the end user in mind.
Start with user research to completely understand the needs of your users. Then carry out usability tests with a prototype. This way you can develop your idea in terms of what your users say and how they interact with the product.
Yes, there is also the "risk" that you will realize you are on the wrong track. But innovation can only flourish if you see failure as a learning opportunity. So take the opportunity to test ideas quickly with the help of prototypes and experiments, learn from mistakes, and find new solutions.
If you then also develop your product in iteration cycles with a short time-to-market, you can ideally incorporate the needs and preferences of your customers into your product – and thus create innovations with customer centricity.
5 – Find the right partner
Perhaps there was once a time when companies were able to achieve major innovations on their own. This is no longer the case today.
Companies are in a race to assert their offerings in a constantly changing market with ever-new customer expectations. All this as quickly as possible, with the greatest possible impact, and with constant consideration of the corporate strategy. It’s a difficult undertaking. Don't be afraid to seek support from external partners.
What matters when choosing innovation partners
A valuable product development partner doesn't just write code but understands business goals and sees the big picture. Whether or not you rely on Mindnow or another company is of course up to you. In any case, you should pay attention to the following points when bringing external help on board:
Agility creates a competitive advantage
Innovation thrives in environments that promote agility. Agile product development allows you to quickly turn visionary concepts into tangible products. Time to market is drastically reduced with agile development, allowing you to capitalize on emerging trends before your competitors.
Battle-tested processes
Insist on a battle-tested process when choosing your product development partner. While industry experience plays a minor role, a structured approach is the key to outstanding digital solutions.
Integration and scalability
Digital transformation requires the linking of different existing systems. Look for a partner with the technical skills to seamlessly integrate new solutions into your existing digital infrastructure while ensuring scalability for future growth.
Joint brainstorming
The synergy between internal and external teams is a source of innovative ideas. Hold joint meetings and utilize the different perspectives of both sides. This will enrich your pool of possibilities enormously.
Conclusion
The catalyst that can lead your business to success is a network of partners with proven development processes, strategic alignment, and a deep understanding of the dynamics of digital transformation. Leverage partnerships to help you confidently navigate the changing digital landscape and drive innovation that resonates with your customers, aligns with business goals, and creates a better future for your organization.
What is currently driving you? What is holding you back? And what should an "innovation hub as a service" look like in an increasingly digitalized service landscape? Let’s discuss it!
