Home & LifestyleFebruary 22, 2024

The 5 challenges of product innovation in the Home & Lifestyle industry

Our latest eBook “The Product Innovation Playbook” explores the unique challenges of product innovation in the Home & Lifestyle industry. With the utilization of key technology, it is possible to deliver game-changing innovation faster than ever before while maximize business value.
Avatar Brian Carboni

Consumers are at the heart of the product innovation process. Today, they crave new products that are cost-effective, sustainable and high quality. Higher standards require higher levels of innovation. As consumer demands evolve, the challenge of increasing the speed and quality of innovation becomes more difficult. But how can companies improve product innovation strategies, facilitate closer collaboration and accelerate the market launch of new products with the same or fewer resources?

Here are some of the key challenges businesses must overcome in order to transform the product innovation process.

1. How can silos be eliminated and team collaboration enhanced?

A lack of inter-departmental and multidisciplinary collaboration can limit flow of inspiration, ideas and creativity and with that, hold back product innovation. It is critical to create an environment where all teams can capture, manage and develop ideas synchronously throughout the innovation process. The 3DEXPERIENCE® platform brings teams together across different functions and disciplines to collaborate and innovate effectively, leading to transparent and rapid ideation.

2. How can development lead times be shortened and costs lowered?

Late stage changes, ugh. By establishing multidisciplinary design reviews early in the process, teams can identify potential problems earlier and eliminate the need for late-stage changes. This is where 3D design comes in. Immersive 3D design along with modeling and simulation capabilities leads to faster prototyping, where 3D designs can be immediately produced, saving tremendous time and costs. For cross-functional teams, having designs in 3D can be more meaningful for effective collaboration and reduction of extraneous costs.

3. How can teams resolve issues faster in the product innovation process?

The key ingredient is technology. If a design needs to be modified and potential quality, cost and lead time impacts of such a change need to be measured, having a tech-powered tool will make these processes run smoothly. Establishing digital traceability is essential for making the best decisions. It comes down to engaging the right people at the right time at every stage of the product lifecycle. With Dassault Systèmes’ ENOVIA and the 3DEXPERIENCE platform, teams can collaborate seamlessly, thus ensuring issues are resolved quickly with minimal costs and errors.

4. How can product engineers better connect with innovation projects?

Enabling collaboration can be tricky, especially when it comes to product development. The best practice in this regard is creating cross-functional teams that bring together product marketing, industrial design and engineering on a unified platform. With the 3DEXPERIENCE platform, product requirements and project management can be digitalized, which creates more transparency concerning objectives and timelines. With this approach, managers can collaborate more closely with design, engineering and other teams.

5. What’s the best way to keep teams in sync with consumer needs?

Having the right market intelligence tools matters. Delivering a product that meets design and engineering requirements might still wind up being a commercial failure if it’s not what a consumer needs. Powered by artificial intelligence and machine learning, Dassault Systèmes’ NETVIBES and the 3DEXPERIENCE platform can analyze consumer information on the web, like product assessments and reviews and translate these into actionable insights. By understanding consumer trends better, teams across any industry can innovate more effectively.

Explore successes in the industry:

To learn more about streamlining product innovation, check out the full eBook “The Product Innovation Playbookfor more information.

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