Agile Innovation reduces costs by more than 56% by focussing only on ideas that have proven to be more likely to succeed and avoiding costly development work on substandard ideas.
Product Development is costly but necessary
Product development is the most expensive part of innovation, with 60.9% of the total average innovation project’s costs. If we can limit the number of projects going into Product development, we can reduce the cost of overall innovation.
However, by limiting Product Development, we run the risk of not generating any growth from innovation.
Balancing Growth With Investment
We need to find the balance between prioritising growth with limiting costly product development.
Agile Innovation uses realistic and ambitious benchmarks of existing products and contemporary behavioural science based research to ensure projects that go into Product Development are what consumers want.
We can also increase cost savings by making the projects quicker. Typically costs savings happen with reduction in time spent in meetings, as opinions are minimised using Agile Innovation.
90% Cost Saving
In a project with a national Multiple Grocer, Agile Innovation demonstrated a 90% saving on product development costs versus the standard timeline.