“We are falling behind in the market and not moving fast enough. With all the new technologies available, how do we know what would bring us the most value?”
We frequently hear a version of this comment from our corporate clients. They speculate that they are “behind” the curve in technology and innovation and that market velocity is increasing. Market velocity is increasing, and corporate R&D or traditional product development cannot possibly keep up. There is more money available for startups than ever before, and the cost of a launching a startup is much less. Therefore, the rate of innovation outside of corporations is typically far greater than the internal rate.
More traditional product-centric companies are sensing that there is an opportunity to learn a lot more about their customers. They have already assessed that technologies exist today that can help redefine the customer experience and internal delivery mechanisms. Examples of those are AI, 3D printing, sensors, AR/VR, and new materials.
The customer experience today is not the same as what it will be in 18 months. It will be dramatically different in 3 to 5 years, which is the typical timeline for a product development and innovation roadmap. Developing a 5-yr Customer Experience Storyboard will help to inspire actions today that can directionally lead your teams to a new way of thinking. Silicon Valley is a good place to start to look for inspiration.
Our clients meet with accelerators, VCs, and startups in multiple areas to confirm “what they know” and uncover “what they don’t know, they don’t know”. Contact Us to learn more about how we can help you define your 5-year Innovation Storyboard.