I am very excited to introduce a new blog series on the topic of product innovation. That’s because when business leaders from around the world share with me their plans for growth, one constant theme emerges: the key to any world-class company’s financial health and longevity hinges on its ability to build innovative products and services.
Because of that level of importance, every member of the C-suite in forward-looking organizations is now taking steps to ensure that their functions/departments actively support continuous product innovation. As the CEO of a successful product company, it is rewarding to see that product innovation is taking ‘center stage’ in organizations regardless of their industry, size, or ownership structures.
At the same time, another trend emerges when business leaders confide in me about their plans for building new products and services: specifically, new technologies and related processes have exponentially increased the speed at which product innovation occurs. And that pace is exhilarating as well as intimidating.
For example, the advent of affordable 3D printers allows organizations to rapidly create prototypes. When these types of tools are combined with Agile methodologies that help organizations cost-effectively build, test, and pilot products, the fruits of innovation can be reaped in months rather than years. Furthermore, social crowd-funding and social community platforms allow organizations to conduct rapid market validation to resolve product-related issues such as setting appropriate pricing models and predicting customer adoption rates.
As a result, throughout the growing number of organizations that are determined to create ‘game changing’ products, professionals across functions are adopting tools that directly, or indirectly, enable product innovation. For example, professionals throughout the Office of Finance – once regarded as among those areas most reluctant to embrace innovation – are implementing exciting new technologies that underpin their business’ ability to build innovative products. As evidence of this, Aberdeen Group just completed a cross-industry study where they found that over 66% of best-in-class organizations are automating their budgeting and forecasting processes.
This heightened importance on product innovation along with the enthusiasm shown by senior Finance professionals to adopt new technologies – that, in part, enable further product innovation – has created a fast and dynamic business environment.
- Prophix will continue to draw inspiration from existing and prospective customers who provide insights into how finance automation solutions need to evolve;
- Prophix welcomes the urgency that accompanies its leadership position to keep ahead of competitors; and
- Prophix team members – all of whom are committed to strive for greatness – will continue to harness customer-driven inspiration, and competitor-driven urgency, to ensure that product innovation remains central to the company’s operations.
That’s why, in this blog series, senior team members from across Prophix will share their insights about, and enthusiasm for, product innovation.
I am very proud that product innovation remains the life-blood of Prophix. And, I am confident that you will enjoy what Prophix team members have to say about the topic. I encourage you to let us know what you think.
These are exciting times indeed.