“Companies preparing for Industry 4.0 operate in an environment that is evolving more rapidly than ever. As new entrants and technologies disrupt once-steady growth, the average tenure of a company on the S&P 500 has dropped 80 percent, from 67 years to 15 years. “In a rapidly changing world,” says Deloitte’s Center for the Edge cochairman John Seely Brown, “innovation and agility must reign supreme,” and launching new products is where companies’ innovation and agility meet the marketplace. Though product innovation is an Industry 4.0 hallmark, many companies struggle to execute. According to a Deloitte Global survey measuring business and government readiness for Industry 4.0, when asked what topics C-suite level executives discuss most frequently as an organization, 57 percent of survey respondents put developing and creating new products at the top. And many blame failure to innovate effectively on organizational inertia—focusing on protecting the current state while avoiding or delaying responses to marketplace disruptions. Considering the often-troubled innovation process, it should be no surprise that 43 percent of new product launches fail to meet one or more of their targeted business goals.”

The article: Digital product management – A structured approach to product innovation and governance