Product Innovation Process Summary
A structured and consistent Product Innovation Process provides an approach for successfully developing new products or making improvements to existing products. The process helps in greatly improving their success probability. Many NPD models such as Stage-Gate®, Integrated Product Development (IPD), Waterfall, Agile, Lean, and Design Thinking have merits in application to specific product situations.
Once any specific model is selected, a PIC (Product Innovation Charter) is prepared- this provides clarity to the entire organization on what a particular innovation is and how it is intended to be carried out. PIC serves as a reference point for the organization for the entire journey of NPD.
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