Accelerating innovation: Some lessons from the pandemic.
THE JOURNAL OF PRODUCT INNOVATION MANAGEMENT 2021;
38:221-232. [PMID:
33821086 PMCID:
PMC8014561 DOI:
10.1111/jpim.12565]
[Citation(s) in RCA: 8] [Impact Index Per Article: 2.7] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 05/30/2023]
Abstract
The Pandemic taught us that accelerated new-product development is more important than ever, and provided examples of firms developing breakthrough products in record time. Five approaches to accelerated development are outlined here: The first two deal with adequately resourcing new-product projects, namely the use of focused teams; and effective portfolio management to prioritize projects and reallocate resources. Newer digital tools are outlined that speed new-products developments. Finally, two development methods are described that move development projects faster: Lean development and Agile development. Accelerated development also has hidden costs: undertaking less innovative projects and cutting too many corners. Although important, the topic is under-researched, and the limited research has yielded inconclusive results about acceleration's expected benefits.
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