Innovation and design are two important components that contribute to the success of the new product. Creativity and a zeal to deliver something new acts as a fuel for an organisations survival and growth journey. An organisation can maintain its superiority in the market and leave competitors behind with their innovative ideas. But for a magnificent product design, a company needs to focus on its viability and potential in the market along with being creative.
New product developers and design managers also need to have a robust evaluation procedure to help them select ideas and designs. It is crucial to have an evaluation methodology that works vigorously to deliver the best output possible. The right selection process helps in selection of innovative ideas and designs that support the company in achieving its target.
Reviewing and selecting inventive ideas and finalising design is way more complicated than assessing business plans. As the whole idea is to judge the potential success of the design, the whole process becomes tricky.
When you are finalising the design for a new product, you will have to go through a wide number of design ideas to identify the one that succeeds in the market. One good method to evaluate is pass/fail method. This method is suitable for evaluating a large number of ideas. You will have to test the ideas with the help of set questions. Questions to be asked should be simple yes or no questions.
Before you dig deeper into evaluating, the pass/fail method allows you to eliminate those concepts that do not fit your basic project needs. With prime criteria of project requirements sketched out in a questionaire, it becomes easy to make a decision.
Once a new product design has passed through the first stage, it is the time for matrix method. In case you have few design ideas, you can directly come to this stage without the question and answer stage. This stage takes all components that exist in company’s niche matrix into consideration to test a design. From stakeholders to budget, every aspect is important.
SWOT analysis expands to analysing strengths, weaknesses, opportunities, and threats of a new product before you launch it into the marketplace. Analysis demands for a vision that can understand the want of target market.
Once your new product design has passed all the stages, it comes to the last stage where it needs to get final approval and implementation begins. With right evaluation and development process to support your new product, you can launch a product that is not only viable and accepted but is also profitable.
