For all companies, their survival in the market depends on continuous innovation of new products or upgrading the existing ones which still sell. In fact, the R & D division always targets for the creation of a design template two years in advance before the launch of a new product. Understanding the market pulse and intuitively designing a new product is always in focus as customer’s need is important. However, no innovation cannot survive without the help of latest technology. That is why product engineering services are built around the organizational needs with an eye on future trends. It pays to keep yourself motivated to innovate and introduce path-breaking products. Customers remain engaged and competition is on their toes. So, where should the focus be-customer or technology?
Technology sophistication is part of the gamble
Look around and see how sstartupsare keeping a big eye on technology updates. Till only about 5 years ago, large companies managed to have an edge because of their IT set up which smaller companies lacked. Now, mid-sized and SMEs are almost on par with sophistication that technology offers. With their cost effective strategies, they have pulled down the prices of products, forcing larger companies to re-align their pricing structure. It does not take much to design a new product and the customer is now looking for options to cut spending. A smaller company has the ability to outsource product engineering services as they cannot have a dedicated department for it. With the m-commerce and social media networks boom, everything has become cheaper. New start ups are driving their own innovative technologies in the ever changing social environment. This, one gamble, will keep an organization in the fray otherwise its role in the market will be limited. There are many case studies that show how businesses have transformed after the transition to digital technologies.
How will this obsession with technology help the end consumer?
Will the consumer get fed up with the techno-rat race or be the prime driver of innovation?
Trends have obliquely effected consumer cycle and business adaptation
As 2017 ends, the sum up of all trends during this year have shown key metrics that affect consumer cycle and how various enterprises have swung around these techno trends. They include:
- Rapid innovation and space for innovation managers have increased
- Faster adaptability
- Letting workforce operate remotely
- AI takes center stage
- Big data & analytics spell the designing
- Employee engagement via AR and VR are being accepted
- IoT era has taken off
- Creation of new jobs for security & digital marketing
Top technology trends affecting company performances
As product engineering services morph the shape of things, technology is by far the most important thing to make customers happy. How companies use their workforce matter. There are three trends that matter the most amongst all others that are applicable. They are:
- Mobility
- Usage of Big Data
- Spending time outside office
In a research conducted way back in 2012, cloud computing, big data usage and mobility scored. As 2017 closes these trends continue to dominate businesses worldwide.
Customer problems cannot be ignored
While it may be good to focus on sophisticated technology, all this will be of no use if the customer rejects the new innovated product. In depth focus on the problem a customer faces, needs to be addressed through product engineering services. While the lifeblood of the company is innovation, the customer is the backbone. A customer will always be impressed with innovation and improvement of products. But they want their problems addressed. A marketing officer knows that the customer is his ultimate brand champion. He will not lose sight on loyal customers. After all, they give repeat revenue to the company. For online businesses, the main practice will see how many times customers are logging in. It gives scope for better social interaction and integration. Just focusing on the designing new products is not sufficient. The purchase history says a lot about a customer’s spending power.
If you are reading this blog, focus at least 40% on the customers’ needs and spend 60% on technology.
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