Product Innovation Management
Especially in challenging times, positioning with the right products and services is essential for gaining advantages with Private Banking clients:
- Innovation is clearly identified as an important factor for increasing growth and profitability.
- How products and services are developed and introduced is a critical component of innovation management.
- Especially in service industries, product retirement must be included as part of an end-to-end product lifecycle perspective.
Deloitte’s Product Innovation Management helps banks to manage their product innovation process through a Product Lifecycle Management (PLM) approach. PLM is the process of managing the entire lifecycle of a product, from its conception, through design and manufacture, to service and disposal. PLM integrates people, data, processes and business systems and provides a product information backbone for organisations and their extended enterprise.
With PLM, Deloitte assists you to develop strategies for new product and service offerings, helps organisations bring these new offerings to the market through an enhanced commercialisation process and helps your organisation embed innovation as a core business competence.
Deloitte project experience suggests that various benefits can be ensured:
- Detailed best-practice maturity diagnostics of all capabilities related to the product innovation process leads to:
- Understanding of the situation of the bank as compared to peer group and industry standards.
- Identification of improvement areas compared to a defined target level.
- Recommended solutions as outlined in a maturity action plan reflect the impact of the bank’s product innovation capabilities and highlight the implementation requirements.
