Product Innovation
Defined development goals, which include both functionality and costs, are the basis for generating potential solutions, concepts and architectures. In systems engineering, we regard this process as an essential prerequisite that is further realised in the detailed engineering process.
Market Understanding
Market understanding refers to an approach in product management in which different stakeholders (such as product managers, developers, marketing teams, customers and others) work together in cross-functional teams to ensure that the product meets user needs, remains competitive and is successfully brought to market.
According to Clayton Christensen, around 95 % of new products fail due to a lack market understanding. Market segmentation is an approach to divide a broad target market into smaller, more homogeneous segments that have similar needs, desires or characteristics in order to better target marketing strategies and product development. Market segmentation offers many opportunities to identify patterns in a market. Segmentation can be used in all phases of product development, from strategic to technical issues.
With consultancy, coaching and operational support, HOOD creates and improves the structural and technical conditions in development organisations that are necessary for successful product innovation by looking at working models, processes, methods and software tools. For this, we offer a range of services tailored to the customer’s situation:
- Discovery Workshop(s) - for analysing business models
- Market Segmentation - for strategically positioning a service portfolio
- Solution and Concept Ideation - for further developing a successful product portfolio
- Establishing Customer Value Design
- Development and adaptation of working models, processes, methods and software tools for a suitable product platform/modularisation
Portfolio Management
In product development, portfolio management refers to strategic planning and management of a portfolio of products or projects by an organisation. It is about ensuring that resources are efficiently used to achieve the best results for the company.
Portfolio management typically involves the evaluation and prioritisation of product ideas or projects based on various criteria such as strategic direction, profitability, risk and the availability of resources. The evaluation enables companies to decide which projects should be pursued and which may have to be postponed or cancelled.
Solution and Concept Ideation
In product development, creativity plays a decisive role in generating innovative solutions. At the beginning of the creative process, it is important to create a broad pool of ideas by not focussing on the first idea straight away. Instead, different ideas and concepts are deliberately floated in order to explore different approaches and discover potential.
The most promising ideas can be identified by evaluating criteria such as feasibility, customer benefits, costs, time frame and strategic fit. This ensures that the solution ultimately selected is not only innovative, but also meets the requirements of the market, the company's resources and its strategic objectives. Creativity and finding solutions in product development are therefore iterative processes that make it possible to identify and develop the best option from a large number of ideas in order to create a successful product.
Customer Value Design
"Customer value design" in product development refers to the process of designing products or services that offer high value for customers. It takes into account not only the functionality of the product, but also the costs associated with its purchase and use.
The term "value" is made up of two main components: the functionality of the product and the cost to the customer. It must be emphasised that neither functionality alone nor the costs alone are sufficient to generate customer value. Instead, it is important to consider and reconcile both aspects.
The aim of customer value design is to develop products that meet the needs and expectation of the customer, while at the same time keeping costs reasonable. Targeted design aimed at different market segments can create products that offer differentiated value and thus increase customer satisfaction and loyalty.
Architecture, Modularization & Platforms
In product development, "architecture", "modularisation" and "platforms" refer to important concepts that influence the structure and design of products. They all play a crucial role in the effective design and development of products by, among other things, optimising flexibility, cost control and time to market.
Architecture: The architecture of a product is the blueprint or basic structure that defines how the different components or modules of the product interact with each other. This architecture influences crucial aspects such as flexibility, cost, complexity, risk and time to market. A well-designed architecture makes it possible to fulfil the requirements of the product efficiently and to integrate future changes or extensions more easily.
Modularisation: Modularisation refers to the process of dividing a product into separate, self-contained modules or building blocks that can be developed, tested and maintained independently of each other. This offers greater flexibility and scalability, as modules can be replaced or updated as required without affecting the entire architecture. Modularisation also helps to reduce complexity and lower development costs.
Platform: A product platform is a base architecture that is used for developing a series of related products or variants. By reusing basic components and technologies, companies can bring products to market faster and more cost-effectively. A platform also enables consistent product quality and facilitates scaling, as existing solutions can be adapted to meet new requirements.
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From analysis to implementation, we have the right experience, practices and methods for you and your engineering and product management throughout the entire product lifecycle.
