Leveraging data analytics for informed product development from conception to launch
1 Independent Researcher, London, UK.
2 Independent Researcher, UK.
3 Communications Software (Airline Systems) limited a member of Aspire Software Inc, UK.
Review Article
GSC Advanced Research and Reviews, 2024, 19(02), 230–248.
Article DOI: 10.30574/gscarr.2024.19.2.0180
Publication history:
Received on 07 April 2024; revised on 21 May 2024; accepted on 24 May 2024
Abstract:
This review paper explores the impact of data analytics on guiding product development processes from conception to launch. It synthesizes findings from existing literature to outline how data-driven strategies can optimize each phase of product development, thereby enhancing efficiency and effectiveness in meeting market demands. The review spans various industries, highlighting the universality of data analytics applications in product innovation.
The paper details how data analytics facilitates better decision-making through predictive insights into market trends and consumer preferences, which are crucial for defining product specifications and features. It also examines the role of data in refining production processes, ensuring quality control, and customizing marketing strategies to target potential customer segments effectively. Additionally, the review considers the benefits of continuous data evaluation during the product testing phase, enabling quicker adjustments and improvements.
The findings indicate that data analytics significantly shortens the product development timeline and increases the likelihood of market success. Organizations leveraging data-driven insights from the outset of product development gain a competitive edge by creating more aligned and responsive products. The paper recommends broader adoption of robust data analytics tools and practices across industries to maximize product development outcomes.
Keywords:
Data analytics; Product development; Integration; Challenges; Solutions; Future directions; Opportunities; AI; Machine learning; Real-time analytics; IoT; Data privacy; Ethics; Automation; Innovation
Full text article in PDF:
Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
