Product development and innovation

Innovation is essential for sustained business success. Is your company able to deliver new products and services to market quickly and efficiently? Do you think about future markets, their wants and needs? If you do, you’ll be positioned to grow your market share where you otherwise may have lost it to competitors. Without a proper strategy for innovation and product development you run the risk of efforts being haphazard, delayed and costing far more than expected.

Our consultants help organisations build, own and deliver successful strategies and capabilities to optimise product and service innovation. We focus on empowering and enabling our clients to fully understand their strategy and we work with their teams to bring it to life.

Why do you need to innovate?

Our Global Innovation Survey revealed that CEOs rank innovation as the number one approach for growth. The survey also showed that the most innovative companies are predicted to grow by 62% over the next five years, compared to a global average of 35%. It’s easy to see why an innovation strategy is vital to securing future success.

There are many benefits to innovating, and we can work with you to help you realise them. Good innovators will typically experience the following benefits:

  • Increased growth and new revenue sources
  • Increased market share
  • Greater profitability
  • A reliable pipeline of high-value ideas
  • Profitable business models
  • Robust product/service development capacity
  • Improved ability to launch services and products
  • Faster time to market.

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What does good innovation look like?

Good innovation is where your business objectives are aligned with a robust innovation strategy. In order to turn that strategy into reality there are 10 things you need to consider:

  • Your portfolio
    Keeping your innovations competitive
  • Funding
    Sufficiency of funding and effectiveness of funding process
  • Organisation
    Deciding where to and who can innovate
  • Team/resources
    Getting the right talent mix
  • Ecosystem
    Working with Partners and other market players
  • Governance
    Keeping the innovation engine under control
  • Process
    Being disciplined and quick in how you create end to end processes
  • Culture
    Encouraging the best ideas to thrive
  • Metrics & Motivators
    Appropriate measurement criteria and incentives for the your teams
  • Leadership
    Strong senior executive support and innovation management team.

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A proven framework to turn your ideas into revenue

Our Product And Cycle-time Excellence® (PACE®) framework is an overarching methodology which helps us align:

  • Business strategy and product strategy
  • Portfolio decisions and project execution
  • Customer needs and company priorities.

Although it is a structured approach to innovation and product development it is always tailored to specific industries, operations, companies and regions. This makes it a flexible and powerful tool to implement, measure and improve development capabilities and strategies.

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Why choose PwC?

From strategy through execution, our innovation consultants can help shape your business for the markets of tomorrow.

We are not white-coated theorists but commercially aware pragmatists who have successfully helped organisations from different sectors develop new businesses, products and services. With experience of over 1,500 implementations around the world they/we know how to deliver projects that drive true innovation and growth.

Additionally, our alliance partnerships with leading technology firms enables us to help you shape and deliver meaningful change with the tools that best complement your organisation.

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Contact us

David van Oss
UK Partner, Innovation
Tel: +44 (0)20 7213 5528
Email

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