The need to keep product and service offerings fresh is not a new concept in business today. What is new, however, is the fact that remaining competitive is not a simple matter of delivering the best product or service alone. Instead, there are many variables involved in today's complex value chain that strongly influence market success. Also new is the approach that many companies are taking to their business models - involving a network of business partners and even customers in their quest to innovate. Finally, developing brand preference among customers and prospects is becoming more difficult by the day.
What's needed to counterbalance these factors is a new approach that considers the fundamental business value in every initiative. Doing this requires a continuous, or "feedback-forward," process. This continuous process involves first strategy and planning, then management of the right resources, then coordination of efficient development and launch, and finally measurement of the business value that feeds back to the strategy and planning step.
This process is called "continuous product and service innovation," and it’s an approach that more companies will be taking as they recognize its utility in helping them prevail in the challenging markets of today and tomorrow. This paper explores the concept further and offers insights into how technology can be harnessed to support it.
