Throughout the product development process, we have been very focused on a concept called “practical innovation.” With product innovation, value must be created for the intended buyers and users of the technology to substantiate relevance and foster adoption. In other words, innovation must be practical. In particular, Panini has focused on the following dimensions of practicality in relationship to product innovation.
- Business Impact – The innovation should positively change or enhance existing business processes, addressing issues that are considered a priority to solve. This includes a meaningful contribution to overall quality such as reduction in the areas of cycle time and process variation.
- User Impact – The end user of the innovation should experience a dramatic improvement related to the performance of their job function. For example, a teller must find the innovation improves their ability to serve customers while adding efficiency and accuracy to the performance of their role. Innovation that does not consider usability will struggle for adoption.
- Financial Impact – While business impact focuses primarily on process, the financial impact of innovation must be substantial enough to exceed company return rate hurdles, and sufficient enough to warrant consideration over competing investment alternatives. Innovation must produce an optimized total cost of ownership versus competing alternatives, a maximized return on investment, and savings that address quantitative and qualitative dimensions.
- Strategic Implications – Finally, the innovation must offer strategic implications for purchasers. There should be long-term potential use of the innovation with opportunities to extend the innovation to new areas and functionality. The innovation should have a clear and compelling roadmap aligned with the needs of the market.
Innovation is at the core of change and improvement. In terms of product innovation, practical results must be correlated to the innovation to drive adoption. The market will judge if Panini has adhered to its historical focus on practical innovation with the launch of our new solutions.