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

lxbfYeaa
The importance of properly setting prices for small business owners
Why is it important to properly determine the price of a product for the survival of a small business
Incorrectly created pricing can have negative consequences; It's important to strike a balance between the value invested in the product and the perceived value by customers...
More..
Wholesale and Retail
lxbfYeaa
Why is this a good time for localization?
Made in Serbia
The key industries with significant potential to drive localization in Serbia are agriculture, manufacturing, and the ICT and media sector...
More..
FMCG
lxbfYeaa
Challenges of the global economy affecting the manufacturing sector
Love in the time of crisis
Numerous global challenges such as volatile raw material prices, supply chain disruptions, and rising energy costs directly impact the manufacturing sector in Serbia... ...
More..
Manufacturing industry
lxbfYeaa
The potential of the processing industry for the localization of the Serbian economy
Process, then profit
The development of the processing industry, especially in the areas of food, metals, rubber, and plastics, can contribute to new job opportunities and increased productivity...
More..
Manufacturing industry
lxbfYeaa
If you intend to win, you must not lose!
Why does Serbia import products it can produce itself?
If we want to seize the opportunity created by the global crisis, all market participants need to start moving towards economic localization...
More..
Manufacturing industry
More..

3 / 6

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.