Product innovation is often thought of and reported on a grand scale or very specifically related to a new product feature. As an example, we know quite a bit about the introduction of the Apple iPhone in 2007 and how that has transformed our everyday lives. More specifically, in 2017, the inclusion of facial recognition, used for secure unlock of our phones, was a great workaround for the challenges password management can present. These are strong examples of product innovation we all recognize, but the untold story of the continuous innovation required to achieve these ultimate product goals is hidden in processes every company must manage every day.

To get to the point of product launch, thousands of hours can be invested in analyzing sales data, competitive pricing and features, demographics, social trends and so on. For companies innovating a completely new product or category like the iPhone, this analysis can be even more time consuming and require more risk taking. However, most companies launch new products in line with existing products or services for customers they have worked with and understand; time to launch can be a critical success factor.