Digital Innovation and its Impact on Product R&D
Innovation plays a vital role in any business for it to gain and sustain a leadership position in the market. Digital technology is at the center of every innovation strategy today, and in many ways it influences how businesses think about product research, development, and their go-to-market strategy. There are several market trends and factors of change that have led to opportunities in the market, which very few businesses have been able to exploit through differentiated innovation. As a result, these businesses have benefited with greater market capitalization, consumer loyalty, and higher topline growth.
This paper starts by exploring some of the trends, followed by highlighting the opportunities arising out of them, and follows it up with a plan on how businesses can take a structured approach to digital innovation.