Innovation is fundamental to the success of almost every business. But innovation itself creates waste and inefficiencies. Products that were never developed. Projects that ran out steam. Resources that were depleted.
By applying best practice thinking, it’s possible to quantify, reduce and sometimes even completely eliminate this wastage, just like in other areas of the business. And when you consider that up to 80% of total development costs relate to the early stages of product development, it’s crucial to analyze decisions and processes, and apply the learnings.
A methodical approach to innovation and R&D helps to avoid the development of ill-conceived and over-specified products or services, and instead help create ones far better aligned to market requirements. What’s more, by reducing lead-times, it is possible to launch products and secure market share ahead of competitors who take a slower, more traditional approach to innovation.
Undoubtedly, innovation is often driven by free experimentation and ‘gut feeling’, but it can be far more powerful and efficient when tempered by proven processes and methodical evaluation of fresh ideas.
Working frequently with innovative pioneers in their respective fields, our specialist team of experts are highly adept at applying and encouraging best practice and processes in R&D and product development. Structured innovation and R&D can be the launchpad for market-changing products and services. Not to mention improved profitability.
Lean Digital practices are emerging as a crucial aspect for business aiming to thrive in a complex global environment
Innovations in technology have revolutionized the healthcare industry in recent years, making significant improvements in patient outcomes and experiences. However, implementing technological advancements requires a structured approach. This article explores the impact of technology in healthcare and highlights the benefits of a lean digital transformation approach.
Why Four Principles believes that the Lean Start-up methodology, which is the core of its just recently launched Disruption-as-a-Service (DaaS), is more applicable today than ever. Research shows that new companies fail at a startlingly high rate, with 75 percent of venture-backed startups doomed to crash and burn, according to research by Shikhar Ghosh of the Harvard Business School. In fact, according to statistics for 2020 compiled by Review 42, the failure rate for all new startups – not just those backed by VC funding – is closer to 90 percent.
Fast changing market dynamics and aggressive competition from emerging countries are putting competitive pressure at the highest levels, thus generating the need for shorter product development times, more innovative products and better service at cheaper prices in the market. These results can be achieved through the implementation of Lean principles to remove inefficiencies and waste from processes.
Ever since Four Principles started working with the private sector on both classical lean transformations, as well as lean digital transformations back in 2010, we observed that while such companies are able, with the right external support, to conduct such transformations successfully, they were nevertheless still prone to what is now, especially post covid 19, called digital disruption from new upstarts.
Balancing a company’s innovation related activities that are “necessary waste” with those that create value presents an ongoing struggle for companies of all sizes. The benefits of applying Lean Principles to innovation and product Development functions and activities can dramatically affect a company’s product portfolio and its bottom line.
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