Innovation & Product Development Strategy

Innovation & Product Development Strategy

Developing a successful product relies on more than identifying a need and a solution. In an industry as competitive as the automotive and transportation one, the execution of that idea will govern whether it succeeds or fails. Customer adoption of new technology relies on it being safe, reliable, and affordable – all of which require robust product development processes to achieve. Effective innovation and product development strategies can help industry incumbents take advantage of their experience to maintain their dominance, or they can help new entrants to get to market quickly and reap those first-mover benefits.

Product development strategies are currently under particular strain due to the increasing adoption of electrified components into traditional powertrains and a desire to reduce product development cycle durations to meet aggressive targets for fuel economy and emissions. While development of electrical and ICE systems may have historically been separate, the combination of these components and systems is increasingly common as automakers seek to gain any available performance edge. This requires coordinated development, and many organizations are redesigning their development strategies to remain competitive.

At Ricardo Strategic Consulting (RSC), our team of experienced consultants helps our clients develop and implement world-leading product development strategies across the globe. Building on our deep technical experience as part of the wider Ricardo group, our team has hands-on experience of driving technology innovation and product development, from the research stage right through to market adoption. Combining this experience and expertise with strong business acumen, we can design and implement development strategies that improve productivity, reduce time-to-market, and improve product outcomes.

Our specialist teams possess unique capabilities and experience, including:

  • Detailed benchmarking of competitor strategies, structures, and processes for innovation and product development, both within the automotive industry and across adjacent industries
  • Identification of partnership opportunities, including suppliers, competitors, academia, and government agencies
  • Evaluation and assessment of current innovation and product development processes, including interviews and feedback gathering throughout the client organization
  • Implementation of new product development processes required for current and future technology trends, including the integration of skills and competencies for electrical component development into traditional automotive product development structures
  • Design processes that adopt industry best practices, incorporating latest developments in simulation to reduce development cycle duration (e.g., Hardware-in-the-Loop)