Let's face it: the world is speeding up. Consumers demand an ever-increasing refresh rate, whether we're talking cars, cell phones, toys, or industrial equipment. They want the newest features and fanciest finishes, which may require a more complex manufacturing or assembly process. These same buyers won't skimp on quality and are usually unwilling to pay more. And the kicker: they won't stay loyal to a brand they feel no longer meets their needs. Producers need to ramp up their innovation processes while ensuring the products they create meet real market needs – or get left behind.

This article appeared in the October 2024 issue of BENCHMARK.