At a time when innovation and disruption happen so fast, getting product or industry development right is a must. When product development is in sync with a company’s overall strategy, it can reduce R&D costs, drive product-market fit, and speed new products to market. It can also improve customer satisfaction and help employees feel more engaged.

But getting there is not without its challenges. Problems with product innovation and engineering can crop up if companies don’t have a clear vision or business plan, don’t allocate R&D spend correctly, or mismanage product development. The costs can be high—they include missed opportunities for growth and a weakened competitive position.

Our comprehensive method for improving R&D includes enhancing product and portfolio strategy, R&D spending, product management, technology and tooling, and the function’s organization and operating model.