Consumer requirements are driving innovation. This is a tough challenge for businesses to embrace, but one they must adapt to . Unless they respond by designing products that are fit for today’s environment, they risk getting left behind
There are a number of forces that are driving businesses to be more innovative. Changing consumer requirements mean there is both a need for new products and a shift in the way existing ones are used, while the technology explosion is, for example, propelling the demand for straight-through processing from consumer to carrier and further enrichment of data.
Changing regulation is another strong influence, along with shifts in the competition landscape.
This is a tough set of challenges for businesses to embrace, but one they must adapt to. Unless they respond by designing products that are fit for today’s environment, they risk getting left behind.
Such innovation requires more modularisation of components that can then be bundled together in different ways to suit particular niches and target markets. One-size-fits-all products are a thing of the past – niche hunting is the new game, enabling businesses to decide what segments they wish to exit, and which ones they want to maintain or grow.
As SSP has invested heavily in product build capabilities, business users can change or build products in a matter of one or two days, enabling them to meet changing consumer requirements exceptionally quickly. This is particularly pertinent given that there is a lead time of just six to nine months for pioneers before someone replicates their idea.