So far, we rounded up a collection of blogs explaining how our idea has gone a long way from the Discovery phase, through the Research and Business assessment phase, to the Development phase. Hope you didn’t miss it since we will show you the last phase before your product hits the market – Testing, validation and verification phase.
The main purpose of this phase within the new product development process is to validate the entire viability of the product. Usually, this includes the validation of the product itself, production process, customer acceptance and financial value of innovation. Confirmation of desirability and viability with evidence of feasibility will help to qualify your key assumptions.
As it is crucial to test whether the product and marketing concepts satisfy consumers on the market, you will conduct in-house testing as well as collect end-users feedback. Customers’ reactions to the product and its performance are a major focus in this phase and must be critically assessed. The use and experience of the product by the end-user is the most important since the customer ultimately decides the success of the product. If customer feedback demands some further adjustments, then you can set a red flag on this task in order to refine your product before it can be finally launched onto the market.
Testing is done parallelly with the evaluation of your new product or service to check if it is in accordance with your entire innovation portfolio. The extensive portfolio reports provide you a top-level overview of your complete innovation portfolio. With this information, you can properly manage your complete portfolio according to your goals and objectives.
For example, this report allows you to monitor and track your complete innovation portfolio value with risk-adjusted revenue or risk-adjusted incremental revenue. It enables your portfolio manager to identify whether there is a properly filled innovation pipeline and to understand how well your innovation portfolio is managed according to your targeted goals and overall business strategy.
You will also be able to organize and manage your innovation funnel in such a way to make sure that the funnel always has enough innovations ready for Delivery and to avoid bottlenecking the funnel by overburdening a single phase. This report allows you to establish a continuous inflow of new ideas into your innovation pipeline and secure a steady flow of innovations.
Testing, validation and verification phase requires different, parallel tasks in order to proceed to the next decision-making point. These activities and their results are reviewed here and passed to the final work phase, the Delivery phase.
