Overview

Innovation is the primary driver of growth. Every company depends on the new products and services it puts on the market. The importance of this process is particularly highlighted by the fact that product development following the general strategy leads to a reduction in research and development costs, better adaptation to the market and faster launch of new products.

Problems can arise if companies lack a clear vision or plan, inadequately allocate research and development resources, or mismanage product development. Egzakta Advisory offers a comprehensive model that includes product and portfolio strategy enhancement, research and development operating model, risk management, cost reduction and more.

Partner for your key challenges

In an era where competition does not stand still, innovation accelerators are crucial for development teams. Given the number of available technologies and improvement methods, the question arises - where to start?

Companies should accelerate profit growth in the short term through key metrics like volume, revenue, and costs. In the long term, it is essential to consider what builds customer loyalty, such as satisfaction with a product's performance, specifications, and price. A systematic approach to developing relationships with partners and suppliers brings short- and long-term benefits. It is crucial to allocate the research and development budget wisely. Cost flexibility and scope for ambitious innovation are key.

Product development involves a rigorous process involving internal and external stakeholders, and the basic steps are:

Generating product ideas from various sources
Selection of product ideas based on internal priorities, opportunities, capacities, and management input
Prepare a preliminary proposal, internally and externally, to engage an internal development team, summarise the proposal, and submit the proposal to the board for approval
Detailed product development and pre-launch with internal departments and other stakeholders. The key steps are detailed product design, pricing, and legal documentation

Piloting and launching the product by carefully selecting stakeholders from different segments for product testing. It is also essential to test the product launch process, analyse the process aspect and product documentation based on feedback and coordinate with marketing to prepare promotional material and other activities related to the launch
Product management involves periodic reviews to ensure that the portfolio makes sense, collecting feedback on the product and its continuous improvement

With our consultants, clients can lay a solid foundation for managing large product portfolio development projects, avoiding delays and overruns that can threaten profitability throughout the product life cycle.

Insights

Bojana Šašić

Challenges of retail in Europe

The future belongs to the brave

The future of retail in Europe depends on digital transformation, as well as the analysis of changes in customer behavior and understanding the importance of innovation, with a focus on artificial intelligence...

More...

Wholesale and Retail
Vuk Subotić

FP&A tools - problem solution

Planning at a click

The modern FP&A tools are characterized by precision, decision agility, and a transformation of the budgeting approach...

More...

Financial Institutions
Jovana Obradović

The concept of consulting and consulting in Serbia

And what are you consulting?

Can cultural factors shape the perception and usage of consulting services, and if so, how?

More...

Consulting
Marko Marković

HOW AI BECOMES ART, PHILOSOPHY, AND A WAY OF LIFE

AI - a Bridge that Connects the Past, Present, and Future

By understanding its various facets, from natural language processing to deep learning, we grasp how AI is transforming industries and opening up new possibilities...

More...

IT industry
Vuk Subotić

Undiscovered Threats Facing Companies

Behind the glitter of artificial intelligence

It is essential to recognize the risks and take proactive measures to ensure a fair, secure, and transparent implementation of artificial intelligence...

More...

IT industry
Zoran Radisavljević

THE PHENOMENON OF THE SHADOW ECONOMY IN SERBIA AND BEYOND

Fifty shades of gray

The shadow economy exists in all countries around the world, regardless of their level of development and political system. Despite being labeled as a declining trend, it still has a significant sh...

More...

Financial Institutions

MORE INSIGHTS

Our Experts

Our consultants and experts use an integrated approach to solving product development challenges, proven in many industries, including manufacturing, energy, consumer goods, IT, and technology.