Major Benefits of Predictive Innovation
Four Major Benefits of Predictive Innovation
Predictive Innovation provides many benefits to your business. Four of the most important are:
Increase profits
- All the ideas customers want
- Best idea for you
- Deliver at the right time
- Family of related products & service
- Build on a core, you control
Ideas customer's don't want are a waste of time and money. The first thing Predictive Innovation does is identify the criteria for what customers want. The criteria or Outcomes, are one of the dimension used to define the idea space. Since the idea space has clear boundaries and is neatly organized, you can quickly and accurately describe each idea customers will want and immediately see if anything has been overlooked.
The best idea for you uses resources you already have or can easily get. Its more profitable than any other option, it fits into a long term strategy, and its something immune from competition. Since Predictive Innovation describes the entire idea space, you can see all the ideas and compare them so you can find the truly best ideas. Predictive Innovation also shows you how to do those ideas so you won't reject ideas that appear difficult when there is a profitable way for you to deliver them.
The right time is when customers start to demand it and not a moment too soon or too late. Since it takes time to get a product or service ready for market you need to know what the customers will want in the near future. Predictive Innovation shows you what will be innovative five to six product generations into the future. This gives you plenty of time to develop the product and introduce it when customers will pay the most.
Predictive Innovation also tells you when to expect the product to decline so that you aren't investing in a declining market.
Furthermore, because Predictive Innovation also solves the technical challenges it reduces your time to market. You only work on products you can build to the qualifications customers will demand.
Predictive Innovation shows the highest profit products but it also shows you the connections between products and services. Instead of only collecting the low hanging fruit, you can systematically gather all the value. This creates synergy and reduces costs by building on your successes.
Predictive Innovation shows all the connections so you can focus on a core platform or concept you can control. This allows you to provide breakthroughs to the market, while from your perspective only making incremental changes.
Your core is a foundation and framework. You can quickly just to the changes to avoid disruptions. Since all your future products are based on a core that you control, you develop more products in less time with a smaller investment. You increased profit margins, volume, plus have diversification without the extra cost.
All of that increases profits. When everything else is equal, people using Predictive Innovation techniques are 95 times more profitable.
Reduces Risk
- Predicts innovations
- Allows you to start earlier
- Reduces time to market
- Shows you all the alternatives
- Solutions to technical challenges
The main way Predicted Innovation reduces risk is by showing you what customers want when they will want it and how to profitably make it. Typically 40% of new products fail at launch even after filtering out hundreds of ideas. The typical success rate is nearly random.
Most companies simply do not know what customers want. Predictive Innovation solves the problem, producing success rates as high as 96%.
Rushing believes the bad decisions and risk that competition will get ahead of you Predicted Innovation provides a map, in advance, so you can prepare and start working before others even are aware. You get a head start so you can always have first mover advantage.
Starting at the right time means you can avoid risky new technology. Your time to market is reduced which also improves accuracy further reducing risk. You avoid all the pitfalls and smoothly develop and market the next big success.
Predictive Innovation shows you all the alternatives of what to make and how to make it. You get to choose the best. Plus, if there's a problem, you have other options that build on your investment so you can steer around things that pop up and completely avoid roadblocks.
Because Predictive Innovation systematically describes the entire ideas space in a logical manner, you can quickly and easily solve technical challenges.
By predicting innovations so you can start development earlier and reducing time to market, plus showing you alternatives and solutions to technical challenges, Predictive Innovation reduces risk.
Maximizes Return on Investment
- Shows you higher profit projects
- Creating higher success rates
- Revealing hidden value
- Lowers costs
- Creating quicker breakeven
- Makes more projects possible
Predictive Innovation shows you what customers want most. It tells you before they start demanding it so you can deliver when demand is highest and margins are the best. This also maximizes profits by capturing value during the entire life-cycle. Predictive Innovation increases your rate of success by eliminating the major causes of risk. More successful projects means better return on investment investment. Predictive Innovation describes the entire idea space; so, it shows you new ways to profit from existing investments.
The right product at the right time in the right way saves money. Both the technology and the market are ready. You avoid building the costly infrastructure or battling competition. Additionally, Predictive Innovation shows you how to accomplish the same goals using less time and money. Projects done at the right time in the right way more quickly achieve break even. Also, if you can roll out a project in successive profitable stages it can avoid spending money on the start-up phase.
Predictive Innovation shows you how to profit from projects you might have overlooked. Lower costs for projects means you can invest in more projects and Predicted Innovation shows you connections between projects so you can multiply your returns from the same investment.
Secures Long-term Value
Predictive Innovation secures your long-term value by:
- Allowing you to stay ahead of competition
- Use competitors to your advantage
- Block threats
- Develop markets you can own
- Quickly respond to events
Predictive Innovation allows you to continually stay ahead of competition because you know in advance what customers will want and ways to profitably deliver it. Staying ahead of competition doesn't always mean being first to market. You're in control; so, you can choose the best approach to gain long-term value. Strategy is one of the strengths of Predictive Innovation. There are many ways to profit other than to directly competing. Many times offering a complementary product is more valuable than the primary product. For example, Levi Strauss got rich selling pants to minors. While most miners lost their savings searching for gold.
Predicted Innovation shows you all the ways to profit regardless of competition.
Blocking threats to your business preserves the long-term value. To block threats you need advanced knowledge and strategy in place. Predictive Innovation provides the advanced knowledge you need to block threats to your business.
Predictive Innovation shows you the connections between ideas, how to block threats, use competitors to your advantage instead of the market. This allows you to uniquely position your business and developed markets that you own.
There are many unforeseen events that occur in the world. Predictive Innovation can help you plan for these and respond quickly when they occur. This protects the value of your investments. Predictive Innovation allows you to stay ahead of the competition and use competitors to your advantage, block threats, develop markets you can alone, and quickly respond to events, secure long-term value
Summary
The benefits of Predictive Innovation make it one of the most valuable investments you can make.