How to Spend Less and Innovate More
In every vertical in every corner of the globe, product innovation is critical to your organization’s survival. In fact, failure to stay ahead of consumer demands and weather changes in the marketplace puts companies at risk. Product innovation guarantees survival; it allows companies to penetrate new markets, secure new customers, retain existing customers, boost profits and expand reach.
However, these days companies are spending more but innovating less. A recent study by the Stanford Institute for Economic Policy Research demonstrated that innovation takes longer and is more costly today than it was over 75 years ago. As noted in a Forbes article, organizations today are devoting 20 times as many people to R&D as their peers did in 1930, but the output is not rising at the same rate. Chalk it up to the difficulties and expense of ideation, prototyping, proof-of-concept, stakeholder buy-in, time-to-market, and a long list of other obstacles that make product innovation extremely challenging.
So how can companies spend less and innovate more? Smart organizations are turning to technological solutions to help propel a faster and more efficient rate of innovation and engage key stakeholders, all while controlling costs and finding repeatable solutions. Brands are relying on technology to help achieve their innovation goals, demonstrate proof of concept, control costs and engage their ecosystem.
Technology solutions such as product visualization fuels innovation in an effective and cost-efficient manner. Product visualization brings a product to life digitally in order to communicate its features and benefits. Using a company’s CAD files, 3D renderings and motion media can be produced to showcase a product’s core features and functions. This form of prototyping can be used to track product innovation and to bring stakeholders into the process before actual (and costly) product changes are affected. To learn more about product visualization, take a look at the following explainer video:
InVision’s digital and motion media solutions teams frequently partner with clients in this capacity, including medical instruments technology leader GCX Corporation, who relies on us to digitally bring to life thousands of product lines on their website and in demo videos. Read more about our work with GCX here.
With heightened pressure on companies to innovate with more rigor, more quickly and with increased efficiency, it’s no surprise that technology is helping to bridge the gap with new solutions that help to visualize products during innovation cycles or to support on-going open innovation strategies. To learn more about how your brand can benefit from InVision’s digital and production expertise to drive innovation in your organization, please reach out! firstname.lastname@example.org