Managing Product and Service Innovation

Question: Discuss about the Managing Product and Service Innovation. Answer: Introduction: New product development (NPD) reflects the transformation of a new market opportunity into the available product and services. It has a central role regarding the prosperity of for organizations active in the market. NPDs potential benefits include improved resource utilization, improved market position, transformation, and renewal of the organization. NPDs ideal outcome is products with high potential that can able to achieve sales growth, high market share, profit objective and use in the market. The impact of NPD process is huge in the organizational business process. Since, it allows organization to introduce new product as per the need and demand of the market. As a result, it allows organization to gain competitive advantage in the market. Background of the product and company: In the previous part, I discussed the significance of NPD process for the Accenture Inc. I selected the Accenture, as it considered as one of the most innovative organization that continuously trying to innovate products and services in order to maintain its position in the market. In this report, I am looking to focus on the Product Lifecycle Management (PLM) software of Accenture in order to have an in-depth analysis of NPD process. Relevant theory: From the study, I found that product innovation process consist of several steps, which every organization has to follow. Otherwise, the objective of new product development will not fulfill. The product development process starts with ideation where organization tries to consider different types of idea (Bendoly, Bharadwaj Bharadwaj, 2012). I found that ideation allows organization to identify the best idea regarding the kind of product innovation will provide best benefit to the company (Fang, Lee Yang, 2015). Then the NPD process will have to consider the development of concept so that it can able to introduce new product successfully in the market. I found the next step of product development process is kind of business that the new product can potentially have on the market (Marion et al., 2015). I feel this is important, as it will help organization to decide the amount that needed to invest for the particular product innovation. The NPD process will have to consider technica l implementation process so that it can able to the organization can able to identify the required technology that needed for successful implementation of the process (Kahn et al., 2012). Then I found that organization would have to consider commercialization process so that the innovated product can able to have maximum amount of impact on the market. I found that Accenture one of the top organizations that keeps huge focus on its product development process so that it can help the company to maintain its position in the market. I also identified that effectiveness of the innovated product of Accenture is high because it performs all the steps in details, which allows the company to minimize the risk associate with NPD process. In case of development of PLM software, the first thing that Accenture will have to consider is to identify the kind of impact it can have on the business processes (Hwangbo, Cooper Tsekleves, 2015). Particularly in the IT industry, every organization is trying to capture major portion of the market. Therefore, I believe market potential assessment is one of the key NPD process. According to Ahmad, Mallick Schroeder (2013) new product development is the life of any organization regardless of its size. As I found that proficiency of new product can have huge amount of contribution in the success of any org anization. Here, I want mention a company namely Freshdesk. Since, the company has experience immense success after few years of its establishment. Currently, it considered as one of the prime cloud service solution providers of the entire world. I found the success of Freshdesk primarily because of its complete unique solution, which was not taken into consideration by other organization. However, I do know that Accenture belongs to a completely different level, as it is one of the prime companies of the world. Still I found that, if an organization able to innovate effective ideas, it will not take too long for a organization to move up to the ladder very quickly (Mac Chang, Bei Lou, 2014). I realize form the above mention process that idea generation and screening of ideas can actually make or break an entire business. Therefore, I believe it is up to the organization to utilize all this factors in such a way that it could able to capture major portion of the market. Impact of NPD process on business: I found that new product develop can affect the present level of business in a great way. I found that NPD allows organization to capture major portion of the market. Whereas, for the company like Accenture, which have already able to achieve major portion of the market with its innovative products and services NPD allows sustaining its growth for a long period of time (Rahmani, Emamisaleh Yadegari, 2015). In case of PLM software, it allows the organization to optimize the lifecycle of the implemented products. Therefore, organization can actually plan to implement all its resources in an effective manner. Therefore, I believe PLM software has huge potential that can have boost the revenue level of the organization. However, it also has certain amount of risk associated with it. Since, if the evaluation or selection of idea regarding the new product development cannot able to make the expected amount of impact in the market, it will cost huge financial loss for the company. Conclusion: In conclusion, it can be mention that NPD is a significant process that every organization has to perform in order to maintain its position in the market. Accenture is also not an exception. Since, technological evaluation is inducing many other organizations to innovate new products in order to gain its position in the market. Hence, I can say that Accenture will have to implement NPD process effectively so that it can able to maintain its position in the market. References: Ahmad, S., Mallick, D. N., Schroeder, R. G. (2013). New product development: impact of project characteristics and development practices on performance.Journal of Product Innovation Management,30(2), 331-348. Bendoly, E., Bharadwaj, A., Bharadwaj, S. (2012). Complementary Drivers of New Product Development Performance: Crossà ¢Ã¢â€š ¬Ã‚ Functional Coordination, Information System Capability, and Intelligence Quality.Production and Operations Management,21(4), 653-667. Fang, E., Lee, J., Yang, Z. (2015). The Timing of codevelopment alliances in new product development processes: returns for upstream and downstream partners.Journal of Marketing,79(1), 64-82. Hwangbo, H., Cooper, R., Tsekleves, E. (2015, June). Ambidexterity of design management in different approaches to digital design: Review of Organizational Attitudes in the East and the West in New Product Development Process. InRD Management Conference 2015. Kahn, K. B., Barczak, G., Nicholas, J., Ledwith, A., Perks, H. (2012). An examination of new product development best practice.Journal of Product Innovation Management,29(2), 180-192. Mac Chang, C., Bei, L. T., Lou, Y. C. (2014, July). 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