![Blog post - how to accelerate product innovation[4395]](https://www.inno-foodproducts-brainbox.com/wp-content/uploads/sites/7/2017/09/Blog-post-how-to-accelerate-product-innovation4395.png)
Product life cycles are getting shorter as the world market becomes more and more competitive. Therefore, being early in the development and marketing of a new product can be a serious competitive advantage as well as a financial one.
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Category Archives: New Product Development and Innovation
There isn’t anything that says speed and efficiency like an organization and a global view. Just as it is true in normal everyday life it’s also true for product development and large scale companies, no more mess, means way less stress.
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Innovation has been changing the whole world since the beginning of time. But it can be hard to keep up with all of the competition out there always creating new things. Lascom Solutions can help your product development and innovations in this increasingly regulated market.
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Last June we launched a survey to better understand the expectations of the food industry and consumer products on the theme of ROI of innovation and in particular the perception of companies. I invite you to discover the key figures that emerged from this study.
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Due to consumer demands companies need to be able to manage their innovation projects and profit from the experience of past innovations to renew their product portfolio as often as possible. By observing the innovation as a global cycle, companies can view their project from idea to product as a cycle with individual steps that can be reproduced and used as experience for future projects.
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Competition and pricing continue to be top areas of concern for the Food and Beverage industries, and raw material costs persist as an ongoing worry. Yet, in spite of the challenges, the industry is optimistically predicting continued increases in sales, more product offerings and larger workforce through innovation.
Innovation is the new key word in FMCG. For many years, Food and Beverage companies increased growth and margins by improving efficiency in production processes. But now, productivity is not enough.
Brands compete for prime in-store real estate more than ever. For that reason, innovation, speed, accuracy and visual appeal are critical to achieve success. Indeed, innovation is an essential lever for competitiveness. Innovation is one of the best means to add value to products, to get in new market places and to best answer consumers' needs and wants. To remain competitive, it is important for companies to evaluate their business models and offerings frequently and change it if needed.
The graphic below displays the advantages of innovation in the Food and Beverage market.
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A color additive is any dye, pigment or substance which when added or applied to a food or beverage is able of imparting color.
FDA is responsible for regulating all color additives to ensure that foods containing color additives are safe to eat or drink, contain only approved ingredients and are accurately labeled.
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According to an Aberdeen Group survey, the top five pressures driving the FMCG companies are:
- demand for complete new product type
- demand for “green” or “clean” products
- first to market
- compliance with regulation
- low cost
Below
volume of companies evaluating the issue as important while developing new
products, in %
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Successful product innovation relies on the ability to collaborate across different departments on key business activities, such as product score-carding, product development, supplier sourcing and management, product labeling and artwork development, as well as issue management. However, collaboration can be extremely challenging. Effective
collaboration between marketing, R&D, quality, sales, procurement, and operations accelerates time to market and increases product success. Poor collaboration means fewer good ideas, less optimal decisions, slower cycle time, and greater risk.
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In the collective mind, soft drinks are for young and dynamic people. Major brands have always focused on the youth market -10 to 24 year olds- but the beverage industry is changing. Pioneers identify huge opportunities in targeting the growing aging population.
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Guide : speed up your product development
