A new tech idea that you plan to develop as a product in your company’s scroll must go through all stages of tech product development, which requires more sophisticated and detailed business analysis. Business analysis will help you determine the need of the market, the potential for new product development, key customers and partners.
This kind of business analysis will also help you eliminate inappropriate ideas and avoid unnecessary product development costs that will not bring you profit.
Tech Product Innovation is a new way of solving problems that has a large number of consumers. There may not be products on the market that address the problem at all, or there may be other products that already address the problem in a different way.
By identifying gaps in the market you can find a clientele that has a strong need for such a solution by offering them a better option in some segment of their private or professional life.
It is also important to note that product innovation does not always involve the creation of a completely new product that addresses a completely new problem. Innovation can happen when you upgrade an existing product or add a new feature to an existing product. In any case, we do not only work with products, but also services, processes or business models.
This business analysis involves working through eight phases with each actor within the company involved in building the product, giving you a clear overview of the needs, activities and guidelines you need to take before you go to market. According to the needs of the company and in agreement with the whole team, we do group and individual consultations and workshops, which means that the team will have tasks whose solution will form a document that serves as a guide for further product development.