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Innovation product development is a product development methodology that borrows from digital product engineering processes and applies them to business innovation. The goal is to produce product innovations that meet user needs and to improve products for real-world use. Often building upon the agile development methodology, innovation product development transforms new ideas into useful products.
Companies that shift to an innovation product development method also shift company culture to one that supports continuous improvement and innovation. This change in focus, along with adequate development tools, can help teams rapidly build minimally viable innovative products. Accelerating the development cycle means new innovative products enter the market faster than through traditional incremental development methodologies while also reducing cost. The rapid development process allows companies to more quickly respond to market demands.
Innovation product development accelerates the product development lifecycle by speeding the digital product development process from discovery to launch. When combined with the right digital tools, the product development process allows for rapid prototyping and continuous feedback. The innovation development process includes regular review of customer data and feedback. Rather than separating development from user experience design, a multi-discipline team collaborates to solve problems with existing products based on customer feedback or problem statements.