- Technology companies put greater focus on new product development while financial services firms prioritize extending and maintaining existing products.
- The majority of participants rely on internally developed technology for new product development (70% in financial services; 60% in technology). Less than 15% use a partnering model or acquire technology from external sources to develop new products.
- Understanding the market is identified as an under-resourced activity. Although 78% of participants rank market research as a priority, most report that not enough time is spent on this effort.
- 70% of product teams use social media to gather, exchange and share information. Linkedin is the most frequently used application.
According to Susan Loconto Penta, Partner and Co-Founder at MIDIOR, “Our second annual benchmark study finds that technology and financial services firms are more alike than they are different with respect to product development and product management. However, the lower priority placed on new product development in the financial services industry makes us question how well companies are positioned to rebound from the current economic challenges.”
For a copy of the “2010 Benchmark Study of Product Development and Management Practices”, contact MIDIOR at info (at) midior.com.
About MIDIOR Consulting
MIDIOR is a management consulting firm focused on the discipline of product development and management, helping clients better understand their customers’ needs, seize new opportunities and respond to changing markets. MIDIOR's proven leadership in product, platform and information management inspires organizations to challenge conventional thinking and develop the skills necessary to build a sustainable pipeline of successful new products and services. For more information visit www.midior.com.