Unlocking the Growth Frontier through Software Product Innovation

Today, software has become essential to the operation of every company. The importance of software products for businesses, regardless of whether they are product- or service-focused, has been heightened by the increasing prevalence of platform-based business models. Given the rising importance of software, enterprises must continue to innovate their software products to remain competitive in the market and serve the evolving needs of users. Failure to do so may result in the premature obsolescence of their software products.

Despite the clear benefits of innovation, many enterprises struggle to foster it and develop a cohesive Research and Development (R&D) plan due to a variety of challenges that deplete technology budgets. They often end up spending a significant part of their R&D budgets on maintaining existing and end-of-life products. This results in a suboptimal allocation of the R&D budget across the software life cycle, which leaves enterprises with limited room for innovation.

In this report, we highlight enterprises’ need to comprehend the different stages of the Software Product Life Cycle (SPLC), explore the growing challenges that hinder their ability to innovate, and propose a two-pronged approach to assist such enterprises in overcoming these difficulties.

Scope

All industries and geographies

Contents

In this report, we examine:

• Enterprises’ need to comprehend the different stages of SPLC
• Key enterprise challenges that inhibit innovation
• A framework for enterprises to achieve the right balance between innovation and maintenance
• Providers’ role and relevance